Category: Inheritance
It is impossible to know how events will play out, both on a grand scale and in small and unexpected ways. Last minute decisions, like those of the rock musicians who won seats in bets and then were killed in the Buddy Holly plane crash in 1959, are often said to be a function of […]
For a rock star who personified the ethos of the 1960s, how ironic that the estate of Jim Hendrix continues to be embattled with as many legal controversies as a global corporation. The latest chapter concerns the fate of one of Hendrix’ famed guitars, the Black Widow. Few of the many guitars owned by legendary […]
Collectors of fine art are advised not to think of their collections as investments, but collectors cannot ignore the value of their art portfolio, nor should they fail to consider what will happen to the artwork when they are not around to appreciate it. And as the art portfolio grows in value, whether through acquisitions […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
Technically speaking, whenever you give a gift to someone, you have to follow the gift-tax rules. You don’t have to file a gift tax return every time you give someone a birthday present or a bouquet of roses, but it’s useful to know when the gift tax – embodied in IRS’ Form 709 – needs […]
According to a homeless man in New York City, the executor of his long-standing friend and host is refusing to give him his rightful inheritance of $100,000. The three year battle is not yet over. Raphael Lebron lived with his friend Winfield Huppuch, a publishing executive, for twelve years. When Huppuch died, Lebron was locked […]
Whether it’s a farm or a manufacturing facility, family businesses are a key part of the global economy. Family business owners are not always very good about keeping their estate plans up to date. Circumstances change: the value of the business may grow or shrink, relationships within the family may change, and tax laws change. […]
In most households, one person pays the bills and the other person hopes that things are being handled correctly. All too often, when the bill-payer passes away unexpectedly, the spouse or children who are left behind must scramble to figure out how to pay utility bills, locate assets, figure out who the insurance agent is, […]
Sitting down for “that conversation” with family members is never an easy thing when it comes to planning for the next generation to take over the family business, especially when the business is a farm. But succession planning for farm families is a critical piece to ensure that the land and the business continue for […]
