If you've been appointed an executor of a loved one's estate, or a successor trustee, and that person dies, your grief – not to mention your to-do list, including tasks ranging from planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a trust administration...
The IRS recently released proposed regulations which effectively end valuation discounts that have been relied upon for over 20 years. If the IRS’s current timetable holds, these regulations may become final as early as January 1, 2017. Although that date isn’t set in stone, I expect that the regulations will...
Media mogul Sumner Redstone – owner of CBS and Viacom, among other holdings – allegedly created quite an estate planning mess, according to a recent report in the New York Times. A June 2nd article reports that “with a fortune estimated at over $5 billion, Sumner M. Redstone could afford...
So you’ve done the hard work of establishing an estate plan. Good on you, as my wife's Australian relatives say. However, you still have serious work to do to ensure that the strategy you’ve selected will maximize your peace of mind and protect your legacy. Estate plans are living, breathing creations....
Estate plans are almost magical. They allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial...
As poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you...
Market volatility is a constant in our modern world. But so-called Black Swan events sometimes take the concept of volatility to the next level. On June 23, voters in the U.K. passed a referendum supporting the idea that Britain should leave the European Union. Known as “Brexit” for short, this...
These four celebrity estate planning fiascos offer lessons about how to handle your own planning and legacies. Pablo Picasso – The great Dada artist died in 1973 at 91 without a will, a status referred to as “intestate.” Of course, Picasso isn't the first, or the last, celebrity to die...
Not too long ago, tax minimization or avoidance was a motivating factor for large numbers of people to engage in estate planning. Just 15 years ago, a 55% estate tax kicked in for estates worth just $675,000, an amount that many families could easily exceed once they added life insurance benefits...