Sonny Bono, the singer, songwriter, restauranteur, and former Congressman died in a tragic ski accident in 1998 at the age of 62. His net worth was just under $2 million at the time of his death, yet Bono did not have a will. Apparently, he meant to have one drawn up, but simply never got […]
Read MoreListen Up: These States Will Usher in Changes to Their Death Taxes in 2016 In 2015, there are still 20 U.S. jurisdictions that collect a death tax at the state level: Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, […]
Read More(This is part 3 in a 3-part series). Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and […]
Read More(This is part 2 in a 3-part series). During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Fortunately, there is an answer. A special trust called […]
Read More(This is part 1 in a 3-part series). Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: in Clark v. Rameker, the United States Supreme Court effectively ruled that inherited retirement accounts no longer […]
Read MoreChoosing a trustee is a very personal matter and should never be left to chance. Doris Duke, heiress of Duke’s energy and tobacco fortunes, didn’t seem to know her trustee very well at all. After Duke passed in 1992, her trustee bilked the estate for over $1 million. It begs the question: How well do […]
Read MoreLegendary Oscar-winning actor Marlon Brando left the bulk of his estate (worth approximately $26 million) to his producer, other associates, and his longtime housekeeper, Angela Borlaza. Brando created a valid last will and testament. However, he did not include Borlaza – who later sued alleging that Brando promised that she would inherit his home when […]
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I’m an estate planning attorney who is passionate about what he does. But I’m also the first to admit there’s a certain morbid undertone to the work I do. After all, I am helping people plan for their incapacity and death. However, when you’re a parent to a minor child it’s your responsibility to plan […]
Read MoreA recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age. 4 Tips for Protecting Your Finances From Scams, Shams, and Schemes as You Age […]
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A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spends, donates, or simply loses it all. If you are about to receive an […]
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