A carefully crafted estate plan may have avoided the multi-million dollar battle over Michael Jackson’s estate currently taking place in the U.S. Tax Court. By disposing of his assets primarily by Will, his estate has been subjected to a myriad of red tape as well as the scrutiny of the Internal Revenue Service. Maybe, as his attorneys have argued, his…
The most frequent fights upon the passing of a parent are not about the money, but about the objects that have sentimental value; your mother’s wedding ring, the family bible that has been passed down for generations, or your grandmother’s quilt. These are objects that may have very little financial value, but are filled with meaning and memories, and are…
It is not that uncommon for relatively younger children to receive large sums of money and property from their parents’ estate. This may or may not be a good idea in some situations. If both parents or a surviving parent dies, what kind of restrictions should be placed on an inheritance? The question is more acute if a child…
I do a lot of presentations before groups and one of the most common questions I am asked is “How often do I need to update my estate plan?” As with just about any question asked of an attorney, the answer is, “It depends.” It depends on both changes in the law, both federal and state, and it depends on…
After a long and happy life, Grandpa Watkins moves on to the great beyond. He leaves a Last Will and Testament, duly signed and witnessed, in which he expresses his desire to have his assets divided equally among his two sons and two daughters. Unfortunately, several years prior to Grandpa Watkins’ death, his eldest daughter, Lilabeth, was killed in a…
Estate planning is a critical necessity when someone is diagnosed with a terminal illness: It is vital that the proverbial “house” be put in order. Timing quickly becomes a concern. At a certain stage in a terminal illness, it may become difficult to ascertain desires, or identify the information required, to carry out effective estate planning. In addition, mental competency,…
The divorce rate in the United States is approximately 50%. The “gray” divorce rate – among persons age 50 and over — has doubled between 1990 and 2010, according to a recent Bowling Green University study. If you are middle aged or above, married and are contemplating a divorce or are currently embroiled in divorce proceedings, here are some suggestions…
Documents to Review After Divorce or in Anticipation of Divorce Going through a divorce can be emotional and overwhelming. However, if you are recently divorced or are considering a divorce, do not forget to review your estate plan to determine if you need to make changes to ensure your estate is protected from an ex-spouse and the plan reflects your…
John Lennon once wrote: “Life is what happens when you are busy making other plans.” This is a profound thought and it certainly applies to the areas of estate planning, unexpected death, a life-altering accident, unanticipated sickness, home care and assisted living. Regrettably, this lyric applies to Prince, the mega music star who recently died unexpectedly at the age of…
When we think of estate planning, most of the time we think in the context of spouses and children. In fact, most people do wind up bequeathing everything to their spouse and their kids. At the same time, power of attorney and advance health care directives are usually delegated to spouses and children. Yet, there are many successful persons who…