Family limited partnerships and other similar entities can be extremely valuable as an estate planning strategy for clients who are classified as having a high net worth. These could also be contested by the IRS for their ability to transfer wealth within a family while minimizing transfer taxes in the process. However, if these are… Read More »
Posts Categorized: Estate Administration
Estate Administration Requires Careful Planning
When an individual is named as a personal representative in a will or a trust deed to serve in an administration of a trust, there are numerous important tasks that come along with these rules. One of the most important steps that needs to be accomplished right away is to order death certificates. Getting these… Read More »
Are Adult Children On the Same Page as Their Parents with Regards to Estate Planning?
A new study recently published by Fidelity Investments indicates that most people understand the need for clear conversations about wills and estate planning. In fact, their 3rd Biennial Family and Finance Study identified that 90% of parents and their adult children see this as an important process. However, there is a major disconnect between whether… Read More »
Online Tools Can Help Executors
Being the executor of an estate can be challenging. There are a lot of things to do. You have to pay off debts and distribute money or other items to heirs. View image | gettyimages.com Of course, one should consult a lawyer for help. But there are a number of online tools designed to help…. Read More »
Filing Taxes For A Deceased Family Member
After a family member dies, you aren’t usually thinking about paperwork. But there is a lot of it. And one of the things that must be done is the filing of a final tax return. View image | gettyimages.com When a person dies, an estate is created to collect all of the person’s debts and… Read More »
The Financial Inventory
Say your friend has just died and you had agreed to settle that person’s estate when the time came. But where to start? A column on news-leader.com suggests starting with an estate planning document known as the financial inventory. It is a listing of all of a person’s financial accounts and contacts. This inventory can… Read More »
Plan Ahead To Prevent Check Holdups
If you have a utility or other recurring bill in the name of a person who has died, you might want to change the name on the account right away. Some people just leave the name of the deceased on the bill and keep paying it. View image | gettyimages.com In a story on democratandchonicle.com,… Read More »
Be Careful Being An Executor
A big part of your estate plan is appointing an executor, a person who will oversee your estate after you are gone. View image | gettyimages.com But a story in Forbes shows that being an executor is not a job to be taken lightly. The story is about a 73-year-old homemaker with only a high… Read More »
Ernie Banks Estate Feud
A caretaker for baseball great Ernie Banks is accused of coercing the ailing player to altering his will to leave all his assets to her. View image | gettyimages.com The Chicago Cub great died last month of a heart attack at age 83. But dementia was cited as a contributing factor. He had signed a… Read More »
Director Mike Nichols Did It Right
When acclaimed movie director Mike Nichols died recently, a headline in the New York Daily News said that he “left his estate to his widow, Diane Sawyer, and his three adult children.” View image | gettyimages.com The story went on to say that his $20 million estate was split between Sawyer and his three children,… Read More »
How To Do An Estate Sale
Listerine heiress Bunny Mellon’s recent estate sale provided some lessons on how to do an estate sale the right way. View image | gettyimages.com Mrs. Mellon’s 43 piece art collection sold for $158 million, and her jewelry sold for another $59 million, according to a story in the New York Observer. Of course, it helps… Read More »
Cleaning Out Mom And Dad’s House
Emptying out a house full of memories can be difficult. It can take a toll not only on your body but on your emotions. And the job can easily provoke disagreements among siblings. One may look at dad’s record collection as a family heirloom, while another sees the records as being worth enough money to… Read More »
Hidden Costs Of Settling An Estate
It sounds easy. Someone dies. The will is read. The estate is closed. Not always. Especially for the executor of the estate. That person can be overwhelmed by filling out paperwork, making endless phone calls and driving miles to meet in person with relatives of the deceased. Closing out an estate is filled with expenses… Read More »
Contesting A Will Can Be Costly In A Variety Of Ways
You can contest a will, but it can be expensive and time-consuming. And the chances of success are slim. An article on AARP.com tells the story of a man whose mother died and left her entire $600,000 estate to his sister. He and his daughter were left out entirely, even though his mother had doted… Read More »
Lessons From Paul Walker’s Estate
Paul William Walker IV, the start of the Fast & Furious movies, died in a car accident Nov. 30, 2013. He was survived by his parents and his 15-year-old daughter, Meadow Rain. His father recently filed to open his son’s estate, including his will. It sheds some valuable estate planning lessons, according to an article… Read More »
Bob Marley Estate Battle Continues Decades After His Death
Thirty-three years after reggae legend Bob Marley’s death from cancer, lawyers are continuing to battle over his estate. Marley, a Rastafarian, did not leave a will for religious reasons. As a result, he left a probate mess that continues to this day, according to an article on insurancenewsnet.com. There have been multiple lawsuits filed in… Read More »
Naming Trustee Critical To Setting Up Trusts
Are you are planning to leave property or other assets to heirs by using a trust? If so, one of the key considerations is deciding who will run the trust once you pass on. This person — called a fiduciary — is responsible for managing the assets in the trust and making distributions to your… Read More »
Estate Planning Has Long Term Consequences: See Rick Nelson
Elder law estate planning may have consequences that last for decades, even centuries. Your estate plan lives on as your legacy. It also may carry legal matters on for years. Take the estate of singer Rick Nelson, who many of us remember from the Ozzie and Harriet TV show or his 1970s hits such as… Read More »
How To Make Things Easier For Your Survivors
Somebody is going to have to settle your financial affairs when you pass away. It can be a difficult job. So why not make it easier for that person or persons? An article on the Huffington Post has listed nine things you might do to make it easier for your survivors to settle your affairs…. Read More »
What Happens To Your Facebook Page?
When thinking about your possessions, you may forget things like on line social media programs such as Facebook and Twitter, not to mention email, frequent flier accounts and such. All those accounts are filled with personal memories, photos, music, and, in some cases, valuable miles that could be worth thousands. And what about online bank… Read More »