So you've gone through the trouble of creating an estate plan and are now certain that your property will pass to your family in the manner you choose. However, it's important to realize that while your estate plan may be finished, that doesn't mean it's time to forget about it. If you don't regularly review your plan you may inadvertently disinherit your family if you fail to take the proper action. Here are two tips on how to avoid these unintentional disinheritances. Tip 1: Take survivorship … [Read more...] about Avoiding Unintentional Disinheritances – 2 Tips
Wills & Trusts
Celebrity Disinheritances
For many people, the idea that you would leave your children, grandchildren and other relatives out of your will is something you would never contemplate. For others, disinheritance is a much more common reality. Though there is no one answer as to why someone would choose to disinherit his or her family, there is also no law that forces you to leave property to your children and descendents. There are several well-known cases where celebrities have disinherited at least some of their family … [Read more...] about Celebrity Disinheritances
Amy Winehouse – 3 Questions About Her Estate, And What It Can Teach Us About Probate
Question 1: Who receives Amy Winehouse's millions? Because Ms. Winehouse did not leave behind a Will, her parents will receive her entire estate. Though the late singer left behind a brother and an ex-husband whom she apparently still had good relations with, even if she wanted these two people to receive any of her estate, it will not happen because she did not have a Will. The United Kingdom's laws state that whenever someone dies without a Will, known as dying intestate, that person's … [Read more...] about Amy Winehouse – 3 Questions About Her Estate, And What It Can Teach Us About Probate
Whitney’s Will – 3 Instructional Issues You Can Use When Creating Your Own Will
When Whitney Houston died last month at the age of 49, she left behind a last Will and testament that dictated that her entire estate would be inherited by her only daughter, Bobbi Kristina Brown, age 19. While the details of Ms. Houston's Will are quite common and do not appear to contain any strange or potentially problem causing terms, we can look at her Will as an example of what you can do when creating your own. Here are three issues you may wish to consider when creating your own last … [Read more...] about Whitney’s Will – 3 Instructional Issues You Can Use When Creating Your Own Will
Practical Inheritances – Why Less Can Be More
If you have an estate that will allow you to leave substantial amount of inheritance to your children or other family members, you may want to think twice before you decide to give the entire amount to them. Those who inherit large sums of money often face challenges that are rarely spoken about, yet no less difficult. Here are a few reasons why a sudden large inheritance can leave your children unhappy and unfulfilled. Concern 1. Bankruptcy. It's estimated that more than 70% of NBA players … [Read more...] about Practical Inheritances – Why Less Can Be More
Art and Estate Planning – 3 Issues
Art collections can prove to be a difficult piece of your estate plan, especially if you've acquired a collection that has appreciated significantly. For some people with significant collections, their art can make up a large portion of the value of their estates, with the art continuing to increase in value even as other assets stagnate. If you have an art collection of significant value, there are several issues you need to be aware of as you develop your estate plan. Issue 1: Estate taxes … [Read more...] about Art and Estate Planning – 3 Issues
Picking A Charity When Estate Planning
For many people, the idea of leaving a beloved charity or nonprofit organization a gift as part of your estate plan is essential. If you want to do this, it is important that you and your estate planning attorney sit down and discuss not only how much you wish to give, but also the charity to whom you wish to leave your gift. Here's a simple process you can go through to help you identify and choose a good charity. Step 1: Make a list. Start your charitable donation search by creating a list … [Read more...] about Picking A Charity When Estate Planning
Why Watching Downton Abbey Can Be Helpful
The legions of fans who devotedly watch the British drama “Downton Abbey” on PBS have become engrossed in the lives of the ensemble cast of the aristocratic family portrayed in the show. If you've not yet been initiated in the drama, let us bring you up to date. Downton Abbey follows the lives of the Crawley family and its ancestral home, the eponymous Downton Abbey. Following the death of the family heir on the Titanic, the show follows the lives of the family members as they navigate through … [Read more...] about Why Watching Downton Abbey Can Be Helpful
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
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
