For many people, inheritance taxes can impose a substantial burden during a time of grief where there is enough stress and change to navigate already. They can seriously impact one's ability to ensure that one's heirs and beneficiaries are well provided for, and they also create financial planning hurdles that often need to be overcome. While creative solutions like moving across state lines to avoid inheritance taxes have become increasingly popular, family trusts are often more secure, more predictable, and easier to manage in the long run.
When New Jersey residents consider filing for bankruptcy, one of the things they should evaluate before filing is whether or not they have any trusts. This is important because some trusts can be used to pay creditors during a bankruptcy. Therefore, even if someone has gone through estate planning to set aside money for his or her heirs, this money may be up for grabs if he or she files for bankruptcy.
Often, some of the trickiest estate planning conundrums come from people who have many assets and a large, complex family. These people often find that they need to carefully utilize several different estate planning tools in order to ensure that their assets are properly divided amongst their children and other family members.
Our readers may or may not be aware, but October 15 through October 22 is Estate Planning Awareness week. Admittedly, estate planning awareness is something lawyers like because it highlights the services they can offer. But the reality is that everyone can benefit from engaging in estate planning at an appropriate level.
Estate planning is a very important task for a number of reasons, and while it may be tempting to forgo such planning, one will be better off for doing the planning. As a recent article on the Huffington Post stresses, the important thing is to get the ball rolling on one's estate plan. Oftentimes it is simply a matter of getting over one's inertia toward thinking and talking to family members about one's death.
Two years before his death in 2004, singer Ray Charles created a $500,000 trust for each of his 12 children. In exchange, they were to relinquish and waive any further claims to his estate. That, at least, is what The Ray Charles Foundation claims in a lawsuit it recently filed against seven of Charles' children.
The recent death of Whitney Houston has been an occasion for the music industry to mourn one of its greatest talents. For estate planners, it has been an occasion to learn from mistakes she and her attorneys made in her own estate plan.
In our previous post, we began looking at CNN Money's recommendations and advice concerning basic estate planning. Here we continue that discussion.
On this blog, we often provide our readers with advice about simple estate planning and basic things to keep in mind when going through the process. CNN Money recently posted a top ten list of things to keep in mind regarding estate planning, along with a number of other articles discussing particular aspects of estate planning.
When someone famous passes away, it is still possible for his or her estate to continue earning money. Consequently, the deaths of many celebrities give rise to litigation based on estate planning documents, such as wills and trusts, because their beneficiaries often stand to lose or gain a great deal of money.