Unlike regular wills or trusts, which define how assets are conveyed to heirs, an ethical will conveys intangible values and guidance to one’s family. Consider writing an ethical will — also known as a legacy letter — for six reasons. As we age we do not just accumulate property that needs to be passed on […]

In the last decades of Huguette Clark’s life, much of her $300 million fortune was spent and her valuable belongings sold. The best-selling book Empty Mansions is full of intrigue, deception and, ultimately, tragedy — when she finally died at 104 years old, Clark’s end-of-life wishes were challenged by relatives, and many of Clark’s millions […]

A Brooklyn Surrogate judge rejected a petition of an heir who sought to disclaim her infant daughter’s interest in a deceased grandparent’s estate for the purpose of avoiding a large estate tax liability. The infant’s grandmother, Sharon Lindsay, passed away with approximately $6M in assets to be divided among her heirs – but no will. […]

Beethoven’s autograph, the 1455 Gutenberg Bible and an original printing of the Declaration of Independence are among the incredible haul that Princeton University has revealed as its largest-ever bequest. Philanthropist William Scheide passed away a few months ago and left an astounding collection to Princeton University. Scheide’s collection was actually started by his grandfather and […]

When a loved one dies, the resulting tax issues must be handled. The person to handle these issues is typically identified in the decedent’s will as executor of the estate.  However, if there is not a will, the probate court will appoint someone to be the administrator. Nothing is certain but death and taxes, right? Which […]

A dispute between the family of Ernie Banks and the woman who cared for him during his final years intensified Monday with his twin sons asserting that the caretaker coerced the Chicago Cubs baseball great into signing a new will giving her all his assets. Ernie Banks, a.k.a. “Mr. Cub”, suffered a protracted illness before […]

While some might think family-owned sports teams are more plagued than Boston was by the 86-year “Curse of the Bambino,” I encourage you to look past curses to investigate causes. Identify potential estate and financial planning challenges your business might face, and deal with them. You’ll have better odds your family ends up on the […]

So you’ve got a private foundation. Have you thought about who would run it after your death? Peter Karoff, founder of The Philanthropic Initiative, an advisory arm of the Boston Foundation, has some advice for donors and heirs: start planning. For those who want to make charitable giving a part of their estate plans, private […]

Trusts can range from simple to extremely complex, and are a standard tool in the anti-estate-tax arsenal. Trusts are a legal entity managed by a trustee for the benefit of others. Beyond that, however, trusts can get murky as there are many different types of trusts that are sometimes confusing to non-experts. Which one is […]

Fewer young people are taking the trip down the aisle, opting instead to cohabitate.  This is creating a variety of unique planning concerns. Americans that are choosing to cohabit rather than to marry do so for various reasons. Some don’t believe in marriage, while others who fall in the wealthy tax bracket opt to cohabit […]