A recent appellate court decision in Michigan means that it is possible for attorneys to be unethical and still profit from the wills they create. Every state has a basic ethical rule for attorneys: an attorney cannot draft a will for a non-relative that includes a substantial gift for the attorney. The theory behind this […]
Read More »Children of Spanish Duchess Sue for Inheritance
It is well-known that the Duchess of Medina Sidonia did not get along with her children. That family feud led to her attempting to see that the children did not receive the family archives and legacy. The children are now suing to get it. Luisa Isabel Álvarez de Toledo could trace her heritage back […]
Read More »Making Charitable Contributions Work
While you’re alive and have philanthropic goals, give appreciated assets held in a taxable account to charity. For charitable bequests, designate your IRA or tax-deferred employer retirement plan. Why? Suppose a hypothetical Al Cole wants to give $10,000 to charity this year.
Read More »Want to Spare Your Kids From a Family Fortune?
From shirtsleeves to shirtsleeves in three generations, goes the early 20th-century American proverb. Then there’s the 19th-century British version: Clogs to clogs in three generations. And from Italy, date uncertain: From the stable to the stars and back again.
Read More »Estate Planning for Your Works of Art
Art investors are nearly always advised not to invest in art at all, but to collect it. Buy what you like, the conventional wisdom goes, not what you expect to increase in value. But collectors still must contemplate financial matters, especially related to inheritance, advisers say. It’s essential for them to consider what will happen to […]
Read More »Homeless Man Claims His Inheritance Is Being Wrongfully Held From Him
A homeless man in New York City claims that he was left an inheritance of $100,000 that the executor of the estate has refused to give him for three years.
Read More »Come on, Kids! Start Estate Planning!
If you think estate planning is for only the elderly or wealthy individuals, think again. Everyone has collected some stuff, what professionals like to call assets, possessions, investments — and don’t forget the liabilities (debt), like student loans, car or credit card balances. Even if you do not think you have much, it’s important to […]
Read More »Estate Planning After your First Child Arrives
When young couples expect their first child, the to-do list never seems to end. From lining up in-home help to managing hectic daily schedules, the process can prove daunting. Then there’s financial planning. Financial advisors often urge parents-to-be to prepare by budgeting for the future. They might need well over $250,000 to fund a child’s […]
Read More »Talk About End-of-Life Planning Now!
When you dare to think ahead to the last days of your life (if you dare to think about that), what do you imagine? If you are like 70 percent of Americans, you dream of spending your final days at home, in peace and comfort, surrounded by loved ones who care for you compassionately until […]
Read More »The Executor’s Cheat Sheet
One of the most important things someone can do to best ensure their estate is handled without a hitch is to appoint the right person as the estate’s executor, sometimes called a representative. So what do you need to do if you’ve been appointed an executor of someone’s estate? Being selected as an executor is […]
Read More »