It is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation.
Bob Ross was an artist whose television show, "The Joy of Painting" did indeed bring the joy of painting and creativity into our homes during the '80s and '90s. The artist remains more popular than ever today, thanks to a resurgence on social media via memes and ASMR content. However, after his death, there were many legal challenges to his legacy.
Married five times, divorced four, Kenny Rogers is remembered for his multiple marriages, lavish lifestyle and a highly recognisable back catalogue of hit songs. His concerts sold out until the day he finished touring. He was one of the worlds most iconic country stars. However, the multi-million dollar earning star may not have left much of his fortune behind.
If you are the executor of your loved one’s estate or the trustee of their trust, there are some things you need to know. You are responsible for ensuring that the trust and estate administration goes according to plan as laid out in your loved one’s will or trust, possibly with the assistance of a lawyer. Though it is not legally required, you may choose to involve other family members in your meetings with the attorney, especially in the beginning phases of the administration. Bringing others to meetings can provide greater transparency and avoid contention. However, the attorney–client relationship extends solely to you. The attorney has a legal duty to, and takes direction from, only you.
Famous comedienne, Joan Rivers, spent her life making millions making us laugh. After her unexpected death in 2014, many newspapers and media outlets began to speculate about the contents and distribution of her estate. However, Joan had known her last will and testament would become tabloid fodder and had taken steps to ensure her and her loved one's privacy was maintained.
A couple may choose to use a Separate Revocable Living Trust, as opposed to a Joint Revocable Living Trust for many reasons. In some states, there can be tax benefits. RLTs also provide enhanced asset protection for married couples, simplify trust administration after one or both spouses passes away, and clarify the division of property in a remarriage or blended family situation.
It is perfectly reasonable that you would want your children to make their own way in the world. Many high profile people are choosing to disinherit their children now, rather than provide them with an inheritance they may or may not be able to handle. However, there are other reasons that people may choose to disinherit loved ones.
Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address many concerns you may face as a senior citizen. We can give you peace of mind my answering questions like Who can help me if I'm unable to manage my own affairs? Can someone help me if I'm out of town? How do I protect and provide for my loved ones after I'm gone?
Jim Morrison did not have a good (if any) relationship with his parents. He died young, at just 27 years of age, but he had given some thought to his estate plan and had a will in place. Unfortunately, his wishes were not fulfilled as he had planned.
Many Americans have collectables – coins, cars, antiques, and weapons. The larger the collection, the bigger problems you may have passing it on to a loved one when you pass away. Guns in particular have special rules and regulations that you should be aware of if you have a rather large collection of them. Transferring guns can be a lengthy, expensive, and even illegal process if you don’t fully understand the law.
