Tag: Trusts
The will of Melissa Mathison, who passed away in November with an estate estimated at $22 million, is missing. Melissa Mathison, famous for writing the screenplay for the movie E.T. and being the ex-wife of actor Harrison Ford, died of cancer in November. The couple’s divorce was the subject of much gossip as Mathison walked […]
A key part of an annual year-end review of financial planning should include a review of the estate plan. As the end of each year approaches, people who keep close watch on their financial plans take that time to look at investments, asset relocations and a close look at the status of their retirement plans. […]
The rules that allow first party special needs trusts to protect assets while receiving assistance from the government are being tightened. First party special needs trusts are established by a parent, grandparent, guardian or by court order for the sole benefit of a person with special needs. The assets of the person with special needs […]
A no contest clause is sometimes included in an estate plan when people do not want their relatives to challenge the wills and trusts. A trustee could be charged with abuse if they act in bad faith as demonstrated in a recent Virginia case. Estate planning can be difficult when blended families are involved and […]
An estate plan can be excellent – but a poor choice of a trustee could ruin it all. The task of making sure the assets of a trust are handled well with appropriate investment and distribution to beneficiaries is the responsibility of a trustee. However, if the trustee does an irresponsible or poor job then […]
Just because you have large sums of money to pass to your heirs does not mean that you don’t have problems to address besides how much tax you don’t want to pay. Whether they are adult children or grandchildren, having heirs with behavioral problems, mental illnesses, a problem with drugs or chronic unemployment creates a […]
Should you suddenly become uber-wealthy, you’ll want to purchase a pricey art collection, which is 2.6 percent of the biggest estates. For those with only $10 million to $20 million in assets, a small collection, valued at about 0.6 percent of your estate, is almost de rigueur. There are extreme differences in the super rich […]
Here’s a Halloween riddle: What really scares Americans 50 and older? Answer: The stock market and their retirement. According to several recent financial security studies, including the Country Financial Security Index, as a result of the 2008 market meltdown, baby boomers are terrified of investment risk and another market crash. In the latest Country survey, […]
Taxes and inheritance issues go together like Halloween and trick or treating. Tax planning is a critical part of estate planning, and families who wish to transfer assets from one generation to the next need to prepare for both aspects, as settling an estate can easily become quite complicated. Many estate plans include the use […]
Depending on your perspective, this case is either proof of what proper estate planning can do or an exercise in frustration in a case of elder financial abuse. A court decision has ruled that a bank may use funds from an estate to defend a court battle where the daughter of a wealthy woman is […]
