Category: Trusts
A trust created by Archbishop Desmond Tutu, has been quietly dissolved earlier this year, yet another victim of a family that does not appear to be enjoying the peace that the famed leader devoted his life to creating for others. Desmond Tutu won the Nobel Peace Prize for his efforts to end racism and corruption […]
Being asked to serve as trustee of a family member’s trust might sound like an honor. It involves stepping into the shoes of the person who created the trust to play an important role. But is the role right for you? Are you up for the job? You may feel flattered if asked to serve […]
The Vanderbilt family has fallen into a full-blown public spat with the nonprofit organization that now owns their spectacular Rhode Island mansion called The Breakers. The Breakers is currently owned and maintained by the nonprofit Preservation Society of Newport that proposes to build a visitors center on a currently empty portion of the estate to […]
Unconfirmed reports point to a battle between the Houston family and Whitney’s ex-husband, Bobby Brown, over daughter Bobbi Kristina’s end-of-life care. Beyond moral considerations, however, there are tens of millions of dollars playing a behind-the-scenes role in the conflict. Whitney Houston’s will did not leave her daughter, Bobbi Kristina Brown, an inheritance in a single […]
Selecting an individual to serve as a trustee is a challenging process, and the usual default is to a family member. But that’s not always the best solution. Here are some points to consider on the selection of a trustee. One of the toughest decisions in estate planning centers on selecting a trustworthy family member […]
A more precise estate plan may have saved the family of Robin Williams from their last round of court appearances to finally settle the late actor’s estate. At first it seemed that, after Robin Williams’ suicide, his estate was properly in order to be clearly distributed to his family without controversy. But during that process, […]
Smartly setting up trusts requires knowledge of state tax laws, not just federal rules. “Each state has its own little unique twists and turns,” says Heather Flanagan, a senior wealth planner at PNC Wealth Management. “It’s kind of a hodgepodge right now. It would be nice to have some uniform law.” Everyone knows that nothing […]
Two months ago, a lawyer for a descendant of former President John Adams demanded that a Quincy trust established by Adams nearly 200 years ago be returned to the family’s control. A trust created by President John Adams is still operating and there might be a dispute over control of it, if the dispute ever […]
“I can tell you that careful planning has been done so that estate taxes at Sumner’s death will not require a forced sale of the stock,” Bishop said. “I cannot give you any other information about his estate plan. It’s private.” Bloomberg Business reported the story in an article titled “Redstone Says Trustees to Oversee […]
If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners. So, how can you avoid probate? Many small businesses have had problems with probate. In the worst cases, the problems have led to the end of the […]
