Tag: Trusts
Smartly setting up trusts requires knowledge of state tax laws, not just federal rules. “Each state has its own little unique twists and turns,” says Heather Flanagan, a senior wealth planner at PNC Wealth Management. “It’s kind of a hodgepodge right now. It would be nice to have some uniform law.” Everyone knows that nothing […]
The long-time boyfriend of a filthy rich art collector who left $100,000 to two waitresses is fighting to get himself a much larger serving of his late lover’s fortune. Art collector Robert Ellsworth’s boyfriend is not actually disputing that over-the-top tip. But he is disputing a good portion of his late partner’s will. When Ellsworth […]
“I can tell you that careful planning has been done so that estate taxes at Sumner’s death will not require a forced sale of the stock,” Bishop said. “I cannot give you any other information about his estate plan. It’s private.” Bloomberg Business reported the story in an article titled “Redstone Says Trustees to Oversee […]
If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners. So, how can you avoid probate? Many small businesses have had problems with probate. In the worst cases, the problems have led to the end of the […]
If you do not have a will the state will provide one for you. And if you are married with young children and both parents die who becomes the children’s guardian will be up to the state’s court system. No will? No problem – the state will provide one for you. But how likely is […]
The United Jewish Appeal claims it was supposed to get the remainder of a trust set up by building mogul Bill Gottlieb, who died in 1999, according to a filing in Manhattan Surrogate’s Court. Gottlieb’s late sister’s husband, Irving Bender, eventually became the beneficiary of the trust, and allegedly blew $3.5 million meant for the […]
What has been missing for so long is a means of transferring real estate in a simple, probate-free process. In about half the states, that hole has been plugged. Probate can be messy, time-consuming and costly. Consequently, many people want to avoid it for their own estates. Unfortunately, probate is unavoidable if you own real […]
The dictionary defines beneficiary as “the recipient of funds” — from a will, trust, retirement plan or life insurance. But that doesn’t begin to cover the details and the differences. Here are five things you need to know. The term “beneficiary” involves receiving assets from a wide variety of legal instruments, and many people get […]
Planning for family members with special needs can be overwhelming, particularly when so many decisions may have lifelong consequences. Beyond figuring out the intricacies of government programs, parents fret over guardianships, how governmental services may erode and what legal documents they need. Children are raised to eventually be able to support themselves, but this isn’t […]
If figuring out the price of a car is tough, try setting up a trust. Published fee schedules offer some guidance, but since each firm includes different things, it’s like comparing poodles with pigs. The kind of deal you get depends on how much money you have, the complexity of the assets, and how badly […]
