One of the stranger legal stories to pop up recently is the tale of Floridian and millionaire John Goodman. In 2010, Mr. Goodman was in a fatal car accident that left another man dead. After fleeing the scene, Mr. Goodman was arrested under suspicion of drunk driving and faces criminal charges that could leave him in jail for up to 30 years. He's also facing a wrongful death lawsuit filed by the family of the crash victim. Much of Mr. Goodman's Wells is owned by an irrevocable trust he had … [Read more...] about The Millionaire, The Deadly Car Crash And His Girlfriend/Daughter
Estate Planning
Nebraska Leads Nation In Considering Digital Estate Planning Legislation
If there is one group of people that is most likely to need estate planning services and yet least likely to have a significant presence on the internet, it is seniors. It is perhaps because of this fact that the issue of digital estate planning has not received a lot of attention by either legislators or estate planning lawyers. However, it appears that lawmakers in Nebraska stand ready to reverse this trend and adopt the first kind of legislation that directly addresses digital estate planning … [Read more...] about Nebraska Leads Nation In Considering Digital Estate Planning Legislation
Copper Mining Heiress’s Family Alleges Fraud
The Huguette Clark estate is once again back in the news, with word that her distant relatives are now alleging fraud on the part of her nurse, accountant and attorney. If you are unfamiliar with the case, let us bring you up to speed. Ms. Clark died in 2011 at the age of 104, leaving behind an estimated worth of about $400 million. She had been the sole surviving descendent of former United States Senator William Clark, a mining tycoon after whom Clark County Nevada is named. Ms. Clark's … [Read more...] about Copper Mining Heiress’s Family Alleges Fraud
Talking To Aging Parents About Money
For an aging parent, the change from being independent and caring for others, to becoming someone who relies on others on a daily basis, is often fraught with highly charged emotions and difficult transitions. When you add the difficult topic of money to the mix, bringing up financial discussions with your aging parent can sometimes feel almost impossible. Let's look at several tips you can use in order to have a positive discussion about the topic. Tip 1: Set out your desires. When you … [Read more...] about Talking To Aging Parents About Money
When a Parent Dies And Leaves Behind a Full House – 3 Tips
While your parent may have an estate plan that covers the big financial concerns of who gets an inheritance and what happens to the house, what about all the personal property that has accumulated over the years? There isn't always clear guidance about what should happen to the kitchen appliances, the furniture, photo albums and all the other stuff that we all have. If you're feeling overwhelmed by the accumulated possessions your parent has left behind, there are some practical steps you can … [Read more...] about When a Parent Dies And Leaves Behind a Full House – 3 Tips
Your To-Do List Before You Meet With Your Estate Planning Attorney
Item 1: Create a list of all your property. Think of your estate plan as your road map, and you cannot make a good map unless you know where you're starting and where you want to go. Part of your starting point is a list of all your property. It doesn't have to be so detailed to include all of your credit card account numbers or anything like that, but it should be a detailed list of everything you own and how much it is worth. Include all real property, investments, insurance policies and … [Read more...] about Your To-Do List Before You Meet With Your Estate Planning Attorney
3 Sources Of Celebrity Estate Problems
Problem Source 1: Family Business Positions. A successful family business can be both a benefit and a burden for an estate plan, especially when children stand to inherit different responsibilities after a parent and head of the business dies. While decisions about managing the enterprise may seem like purely a business decision, children or relatives who feel left out can be a source of conflict. Problem Source 2: Fighting Families. If a family is already distant or fighting before a wealthy … [Read more...] about 3 Sources Of Celebrity Estate Problems
Preventing Elder Abuse: 3 Essential Tips
Tip 1: Plan Ahead. Many of the issues associated with elder abuse can be dealt with in advance by creating a comprehensive estate plan. For example, estate plans typically include provisions that allow you to pass your decision-making rights to others through a power of attorney. If you create a financial power of attorney, you can allow someone else to manage your finances when you are no longer able to do so. Tip 2: Stay In Touch. Elderly people often lose contact with friends and loved ones … [Read more...] about Preventing Elder Abuse: 3 Essential Tips
Standby Guardians in New York: 3 Questions
Question 1: What is a Standby Guardian? In New York, parents can appoint guardians who will care for their children in the event the parents die. They can also appoint stand-by guardians who will take over in the event the parent becomes ill and is no longer able to care for the child. Question 2: How are stand-by guardians appointed? There are two ways a parent can appoint a stand-by guardian in New York. First, the parent or person who wants to be a stand-by guardian can appear before a … [Read more...] about Standby Guardians in New York: 3 Questions
Your Digital Life Part 2 – Digital Estate Planning For Younger People
The statistics surrounding estate planning are fairly well known. About half of all people don't have any estate plan in place, and those that do are more likely to be seniors or older adults. For young adults, the question of estate planning is rarely a question, and digital estate planning even less so. However, younger adults are in a greater need of digital estate planning than most others. Here are three reasons why. Reason 1: You live your life online. The younger you are, the more … [Read more...] about Your Digital Life Part 2 – Digital Estate Planning For Younger People
