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 »Is Elizabeth the True Queen of England?
Queen Elizabeth II has asked a court to decide if DNA evidence can be used in disputes over hereditary titles. If the court says yes, then it could mean that her own lineage and right to the throne could be called into question.
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 »Jimi Hendrix’s Missing Guitar
The estate of Jimi Hendrix has seen more than its fair share of legal controversies. In yet another legal battle, the estate is suing for the return of a guitar it claims was stolen. Jimi Hendrix owned a lot of guitars, but relatively few of them made it back to his estate after he […]
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 »What to Do to Reduce Estate Taxes
If you plan on leaving a sizable amount of money to your heirs, it’s understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that’s not including any state taxes that may apply. With that in […]
Read More »Special Needs Trust Fairness Act Passes in Senate
People with special needs have won an important victory in the Senate where the Special Needs Trust Fairness Act passed unanimously. However, the fight is not over. For people with disabilities, special needs trusts are often a vital way to protect assets and ensure that they have the resources needed to meet their expenses. […]
Read More »Gift Giving and What to Do About IRS Form 709
Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules. Fortunately, those rules don’t require you to file a gift tax return every single time someone celebrates a birthday or other special event, but it’s important […]
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 […]
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