Huguette Clark’s estate litigation reaffirms some lessons that we already know. Primarily, caretakers and advisors must take precaution when conflicts of interest arise, namely when they receive more benefits from a client than they would otherwise receive for their services. We all know that, as advisors, we should take extra steps to ensure that the […]
Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate. Additionally, objective appraisals can also help minimize or […]
We have written at length about the various estate administration tasks that arise when an individual passes away. One major task for the estate administrator (either personal representative or trustee) or family members is cleaning out the decedent’s home. When the decedent owned his or her home, the estate administrator has time to get the […]
Oftentimes testators will choose to leave a specific piece of property, known as a specific gift, to a devisee in a Will. Or, in other instances, testators will choose to leave a specific dollar amount to a devisee in their Will, a pecuniary gift. Both of these gifts are considered special gifts. Property Gifts In […]
I love finding new estate planning authors and professional bloggers to follow. They inspire me improve my writing and help me think of better ways to discuss estate planning concepts with clients. Two women in particular, Natalie Choate and Deborah Jacobs, are definitely worth following. So, if you are looking for talented, professional estate planning […]
September 1, 1923 – August 31, 1969 Rocky Marciano was born Rocco Francis Marchegiano in Brockton, MA. He grew up to be one of the most legendary heavyweight fighters of all time. He earned the nicknames “The Brockton Blockbuster” and “The Rock from Brockton.” Rocky fought 49 heavyweight fights in his career and won all […]
Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]
Earlier this month I discussed what is required to revoke a Will. Occasionally, however, testators wish to revive a revoked Will. Similar to revoking a Will, there are certain requirements to ensure that it is the intent of the testator to revive a previously revoked Will. If a testator wholly revokes a subsequent Will (Will […]
Good credit is the gateway to economic opportunity. Just ask Julie Miller of Marion County, Oregon. After being denied a line of credit at a bank, she discovered that her credit report contained errors. They included an inaccurate Social Security number, an inaccurate birth date, and 38 collection accounts that were not hers. She was […]
Many people assume they cannot afford long-term care insurance to protect themselves and their families from the financial, emotional and physical sacrifices needed to provide long-term care for a loved one. However, long-term care premiums are a reasonably small expense when compared to paying for care out of pocket, as these costs can run as […]
January 8, 1935 – August 16, 1977 Today is the 36th anniversary of Elvis Presley’s death. Presley died at the young age of 42 at his home in Memphis, TN. However, even in death, Presley’s work, image and legacy have a strong earning power. In 2011, Forbes listed Presley as the No. 2 Top-Earning Dead Celebrity, […]