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.
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available when they die. Life insurance is an important financial and estate planning tool, but without certain protections in place, there is no guarantee that your beneficiary will receive, or keep, the benefit from your insurance. A common method for leaving money and property to loved ones in an estate plan is by titling assets so they are owned by a trust or making the trust the beneficiary of the account or property, with a spouse or child as the trust’s beneficiaries. The same approach may also be used for life insurance policy proceeds.
To a lot of people, the idea of leaving money in their will to a pet instead of their own family seems to be the remit of the eccentric and the wealthy. However, over the years, it is becoming a surprisingly common arrangement to ensure our furry family members are taken care of after we are gone.
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. An estate plan can provide significant peace of mind by ensuring that your money and property are protected, plans are in place in the event you become ill, and your accounts and property pass down according to your wishes.
