Probate, Inheritances, and Property Taxes
The title to the article sums up USA Today’s article Divorce, Death, and Donald Sterling’s Boyhood Home. The article describes several properties in Boyle Heights still owned by Donald Sterling’s deceased mother and grandmother. In California, property taxes are determined by “assessed value,” which is derived from the fair market value of a property at the time […]
Mickey Rooney’s Estate Dispute
A death in the family can bring out many emotions, and when wishes are unclear in an estate plan, some of those emotions can boil over among family members even when determining burial and funeral arrangements. After only five days that famous actor Mickey Rooney had died, his family was in Los Angeles County Superior […]
Important Estate Planning Questions for Spouses
Dailyfinance.com has an interesting article entitled 3 Important Estate Planning Questions which provides three questions that are important for all spouses to discuss when drafting an estate plan. The first question, “How well does my spouse know our financial advisor?” is a good question to discuss how both spouses should know their “estate planning” team. Although the […]
Mickey Rooney’s Estate Planning Dispute
The New York Daily News writes about an estate planning dispute of Mickey Rooney that has boiled over only days after his death. The article can be found here. Mickey Rooney had disinherited his eighth wife, who he was married to for 35 years but also estranged. He had also sued her and her biological […]
Why Hiring an Attorney Can Save You Money on Your Estate Plan
Forbes has an interesting article, Careful, Thoughtful Drafting Essential in Estate Planning. It provides an interesting glimpse into do-it-yourself estate plans with the advice of an attorney. In California, a person can draft their own will in their own handwriting and can even draft a “statutory will” that is a fill-in-the blanks will (there are certain rules […]
Painless Estate Planning
CNN has a great article entitled “10 Steps to Painless Estate Planning” which discusses many of the issues I have discussed in past blog posts. It highlights the importance of having a written estate plan, including a will and a revocable living trust, amending these documents when necessary, and creating a power of attorney and advance […]
Arbitration Provision Not Enforceable to Dispute Validity of Trust
In a recent decision, a California court found that an arbitration provision in a living trust could not be enforced when the beneficiaries were disputing the validity of the trust document. McArthur v. McArthur was a case of first impression in California and is important for all those with a trust to understand that an arbitration provision […]
Estate Planning Lessons from Celebrities
Forbes has an interesting article entitled “Oscar Winners Teach Five Lessons on Estate Planning.” It is an interesting read and you can learn some big mistakes that are common on many estate plans. The five celebrities mentioned are Philip Seymour Hoffman, Elizabeth Taylor, Heath Ledger, Frank Sinatra and Marlon Brando.
Mistakes in Philip Seymour Hoffman’s Estate Planning
Celebrity deaths are often followed by a very public battle between heirs over the celebrity’s assets, fame, and residual income. This CNBC article entitled “Here’s Why Philip Seymour Hoffman’s Will is a ‘Mess’” helps others not make the same mistakes. Mistake Number 1 Hoffman’s will is over a decade old. Wills should be changing documents […]
When to Change the Names of Beneficiaries on Accounts
This interesting article on Marketwatch entitled Don’t Make the No. 1 Estate Planning Goof offers an interesting insight into making sure that you change the names of beneficiaries to accounts that are payable upon death. Examples of such accounts include most retirement accounts (401(k)s, Roth IRAs, IRAs), life insurance policies, some mutual funds, life insurance, certain bank […]