Estate Planning
Michael’s Estate Estimated at More Than $100 Million
Several of George Michael’s godchildren are expected to receive large inheritances. The estate of George Michael, who passed away on Christmas Day, is beginning to come to light, according to the Daily Mail in “George Michael’s £100M fortune ‘will go to his Godchildren’: Offspring of his celebrity friends could inherit tens of millions EACH after…
Read MoreWill a Trump Presidency Finally Kill Off the Estate Tax?
Our new President promised to kill the estate tax. Will he really do it? While campaigning for the presidency, Donald Trump repeatedly said he would eliminate the federal estate tax. Most Republicans in Congress share his position. Now that Donald Trump and congressional Republicans have the power to do away with the estate tax, the…
Read MoreIs It Time to Review Your Estate Plan?
Estate planning is a lifetime process. Changes in the law, your finances or family circumstances mean that it’s time for a review. Whenever you have a significant change in your life circumstances, you should come back in and review your estate plan. Remember, estate planning is not a once-and-done transaction, but a lifetime process. However,…
Read MoreEven a Minor Mistake in an Estate Plan Can Cause Major Problems
Some mistakes in estate planning for celebrities draw little notice but can still be a major problem. Celebrity deaths and estates can sometimes be the subject of headline after headline such as the estates of Robin Williams, Whitney Houston and Michael Jackson. The estates are well-known because of the mistakes in the plan and the…
Read MoreA Celebrity’s Death Often Increases Sales of Their Work
The passing of Debbie Reynolds puts Singin’ In The Rain into top seller position. Singin’ In The Rain recently became the bestselling DVD on Amazon and was placed on iTunes’ New and Noteworthy list, according to TMZ in “Debbie Reynolds Singin’ In The Gains Death Causes Spike In Sales, Searches.” This comes as no surprise…
Read MoreSo, Just What Is Estate Planning?
There can be confusion on the definition and need for an estate plan. We will all have estates someday, so it may be helpful to know what a plan actually does. While estate planning can be complicated to the layman, there are some basics that make it less confusing, according to the Vail Daily in…
Read MoreA Will Is Still Needed Even If Estate Tax Is Eliminated
A will isn’t just about avoiding the federal estate tax. Even if the Republican-controlled Presidency and Congress eliminate the federal tax, the need for an estate plan is not eliminated, according to Forbes in “Five Reasons You Need a Will (Even If the Estate Tax Is Repealed)!” The reasons include: In a will you appoint…
Read MoreJust How Difficult Is Estate Planning?
Estate planning is likely to be a lot easier than you think. As with most tasks, there are many reasons to be found for putting them off. A columnist details the challenges that she and her husband faced in an article in The Gleaner “HARDY: No reason to delay estate planning.” The article is instructive…
Read MoreFamily Dynasty Trusts Head toward Termination
Trustees need to plan for automatic termination of Great Depression trusts. Dynastic trusts from the days of the Great Depression are near expiration and planning is required, according to Wills, Trusts & Estates Prof Blog in “Preparing for Trust Termination.” Most of the trusts created at that time have mandatory termination dates at which time,…
Read MoreIRA Go into Your Trust?
Consider carefully before making your trust the beneficiary of your IRA. For tax purposes, it is not always a good idea to designate a trust as the beneficiary of your IRA, according to the Financial Advisor in “Is Naming A Trust As Beneficiary Of A Client’s IRA A Good Idea?” The biggest and most important…
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