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An insular Hemel Hempstead man who died with an estate worth £750,000 has had his legacy split among 39 relatives who never even knew he existed. What are the odds that a long lost relative will leave you an inheritance? Although chances of this type of inheritance are slim, it really can happen. You have […]
The Internal Revenue Service says it made a mistake in valuing Michael Jackson’s estate. Nope, the IRS hasn’t abandoned its much discussed claim for $702 million in extra taxes and penalties—a bill Jackson’s estate is fighting in U.S. Tax Court. Instead, the tax agency is upping its demand by $29 million to nearly $731 million. The […]
Tom Clancy’s estate can teach advisors a lesson about blended families. Clancy was a best-selling author whose books were often turned into blockbuster movies. Consequently, he was a very wealthy man. This meant there were estate taxes to be paid. When Tom Clancy passed away, his heirs included his wife and four children from a […]
A former lawyer for civil rights leader Rosa Parks is being sued by a New York auction house, the New York Post reported Tuesday. Guernsey’s alleges that Detroit attorney Gregory Reed mishandled the estate, worth an estimated $10 million. As a result, it charges, it missed an opportunity to collect higher fees. One of the most significant […]
Most people want to avoid probate, and therefore, want to avoid the use of a will. The following are some key questions to address to determine if a trust is right for you. Is a trust right for you? Trusts have become so popular that many estate planning attorneys have gotten used to new clients […]
“This is about protecting the state’s most vulnerable people,” Pelanda said. “We want to hold those in charge of others responsible and ensure they know what’s expected of them.” Ohio is taking action against a developing problem: guardianship abuse. Recent media reports have revealed that Ohio has a large problem with some court-appointed guardians who […]
Choosing a trustee is hard — but getting rid of one is harder. Beneficiaries who choose to switch trustees can find the process costly, drawn out, and unpleasant. But it may be getting a bit easier. Can you swap your trustee for a new one? Many good reasons exist for why a trust beneficiary might […]
You might think those three words – “Location, location, location!” – are uttered more by realtors than estate planning attorneys, but I beg to differ. Of course, when I repeat the phrase to clients I am not talking about the site of new home or office, but rather the location of individuals’ most important planning […]
The court-appointed trustee seeking to recover money for bilked investors began taking aim at Andrew Madoff’s money even before his Sept. 3 death from mantle cell lymphoma. Two federal officials also said Madoff would have likely faced tax evasion charges if he had not died. Have you ever heard of a clawback? When investors are […]
The facts of the Wilson case involved a divorced couple, at odds over where to bury the ashes of their 23-year-old son, who was killed in a tragic car crash when he was hit by a drunk driver. When he died, the son was single and had no children. He left no will or specific instructions for the […]
