When art collector Robert Ellsworth passed away, initial reports about his will centered on the $50,000 a piece he bequeathed to two waitresses who work at a bar he frequented. However, now Ellsworth’s longtime boyfriend is contesting the will.
Read More »Keep Your Trust Ahead of State Tax Laws
Keeping on top of federal tax laws concerning trusts is relatively simple. However, when it comes to state tax laws on trusts, staying on top of them can be an entirely different matter, especially since many trusts might be subject to taxation in several states.
Read More »Do Not Forget the Smaller Digital Accounts
People are gradually beginning to understand that they need to ensure that there is a way for family members to access digital accounts after the owner passes away, at least so far as the biggest accounts are concerned, such as bank and social media accounts. However, it is often equally important to make sure that […]
Read More »Forged Will Leads to Arrest
Unfortunately, it is not unusual for people to take advantage of the elderly and even to go so far as to forge a will when the elderly person passes away. It is heartening, however, that when caught the people who do this normally face criminal charges. An Arkansas woman, Kimberly Dement Dotson, has been […]
Read More »Do Not Forget Your Frequent Flier Miles
Most people who travel a lot have accumulated many unredeemed frequent flier miles or hotel reward points. What many do not know is that it is a good idea to state who should assume ownership of these loyalty reward points in an estate plan. If you take the time to read the terms and […]
Read More »When is an Estate Subject to State Death Taxes?
In the United States, certain states collect a death tax based on the value of the deceased person’s estate and who inherits it.
Read More »Sumner Redstone’s Succession Plan
Sumner Redstone’s Succession Plan Sumner Redstone might not be a household name, but he is one of the most important media moguls in the United States. Redstone controls approximately 80 percent of the voting stock in CBS and Viacom. Because of that many people are interested in the details of his estate plan and what […]
Read More »Inheritance Scam Leads to Jail
People have probably been attempting to scam others out of their money for as long as money has existed. Many different schemes exist that people fall for over and over again. Recently, people have been falling for a scam involving fake inheritances. However, if the scammer is caught the result is likely to be jail […]
Read More »What to Do with an Inherited IRA
RAs are among the largest assets inherited by heirs and beneficiaries. These accounts have been able to grow to such large amounts because income taxes are deferred until the owner begins to take distributions, usually after reaching age 70 ½.
Read More »Business and Avoiding Probate Problems
Small and family business owners have heard many nightmares about similar businesses that have had problems with probate. Many of the stories are true. However, with careful planning most of the problems associated with probate can be avoided. Business owners normally fear probate because of the numerous nightmare stories they have heard about it. […]
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