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Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.

Julian Lennon sued The John Lennon Estate for his share in his Father's $800 Million fortune. A lengthy and expensive 16-year legal battle ensued. Yoko Ono got full control over Lennon’s estate, his original song rights, and his image with no provision made for Julian in Lennon's will.

For some people, choosing trusted decision makers is easy; for others, it may be more difficult due to tense family circumstances, geography, or the lack of living family members. While most advisors and attorneys counsel clients to choose family members or close friends, this may not always be an option. But have no fear. You can consider hiring someone if you do not have a family member or close friend to appoint to one of these important positions. Some positions that might need filling include an executor, successor trustee, financial power of attorney, healthcare power of attorney, and a caretaker or guardian.

When Philip Seymour Hoffman died, he left behind a will that was over a decade old. The will had been drafted by his real estate attorney/CPA rather than someone who specialized in estate planning. In spite of having three children, a trust had only been set up for the eldest son and the hefty fortune that was left to his girlfriend was subject to an enormous estate tax bill.

What happens when, after a trust has become irrevocable, a situation arises that appears to undermine or conflict with your intent as the trustmaker? Are you stuck? Thankfully, no. A variety of tools exists to help handle unforeseen circumstances that might have negative consequences. Decanting is one of them. This tool is increasingly being used to remedy situations where a now-irrevocable trust needs to be fixed because of changing circumstances that appear to work contrary to the trustmaker’s intent.

In June, Professor Stephen Hawking’s estate struck a deal with the University Library in Cambridge and the Science Museum to receive some of his possessions in lieu of inheritance tax. Acquired items included his wheelchair, a pair of his glasses, scientific bets signed with a thumbprint, papers on theoretical physics and even his scripts from The Simpsons. How did this donation benefit the estate?

Estate planning can be a very difficult process. Making the decision to move forward with an estate plan requires us to face the fact that we will not live forever, stopping many people in their tracks. Others talk themselves out of seeing a qualified attorney to create an estate plan because of the following common myths: only the rich need an estate plan, I don't have to plan because my spouse will get everything, and a will avoids probate.

An end is finally in sight for the disputes over James Brown's estate. The singer's heirs have fought over the estate for the last 15 years, resulting in a dozen lawsuits that tied up the singer’s publishing rights and intended charitable endeavors.

Rather than ignoring what might be an uncomfortable topic, you should think proactively about the challenges of living with mental illness and set up an estate plan that addresses such challenges head-on. Estate planning is a sensitive subject and it can be even more sensitive when the issue of mental health is involved. If you need to set up an estate plan, or revise an existing estate plan, around mental health concerns, we are here to help. Please contact our office at 614-389-9711 to set up an appointment with an estate planning attorney.

Many practice yoga for the exercise, health, and fitness benefits, not to mention the benefits for your mind. But a yoga mindset really can help you manage more than just your mental health. It can help you build focus on your finances as well as your future.