Do You Have A Revocable Living Trust? Will Your Family Have To Go To Court And Lose Their Valuable Privacy? Whether You Own A Little Or A Lot, You Need To Be Careful With Your Revocable Living Trust Do you have a revocable living trust as part of your estate planning? A solid estate plan can mean the difference between an expensive time in court or a smooth transfer of property for your family. When a high-profile celebrity passes away, we can learn a lot about the value of careful planning. Let’s take a look at what trust funding is and why it’s important. This Failed Estate Plan Is An Excellent Example Of Why You Need Properly Transfer Property To Your Revocable Living Trust In our opinion, Carrie Fisher’s plan failed, because it…Read More
When the wealthy financier, Jeffrey Epstein, died under mysterious circumstances (the Medical Examiner determined that is a suicide, but many people are skeptical), he left behind a huge fortune close to $600 million, along with creditors and lawsuits. Just two days before his death, he signed his Will, which left his estate to his trust, the 1953 Trust. Because that Trust is not filed with the Court, its contents should remain private, barring litigation involving the Trust’s beneficiaries or trustee’s duties. In the Will, Epstein is listed as a resident of the U.S. Virgin Islands. After his death, his Will was filed in the U.S. Virgin Islands, probably because his attorneys thought the probate process would be more private. For regular people who are not rich or famous, privacy is still a huge…Read More
In August 2018, music legend, Aretha Franklin, died of pancreatic cancer. At her death, her estate was worth over $80 million and it appeared that she died without a will or trust. (We wrote about this in this article here.) Recently, we learned that three handwritten wills were found in her home. The latest one is dated March 2014 and it was found inside a spiral notebook, under cushions. The document appears to give the famous singer’s assets to family members. However, the writing is difficult to decipher and there are words scratched out and notes scribbled in the margins. It is unclear if this is a valid will under Michigan law. A court hearing is scheduled next month to determine the validity of that document. Even if the Court determines that the…Read More
Maria Shriver knows the devastation of Alzheimer’s disease firsthand. Her beloved father Sargent Shriver, founder of the Peace Corps and one-time candidate for Vice President of the United States, died of the disease in 2011 after being diagnosed in 2003. Often called “the long goodbye,” Alzheimer’s disease affects more than five million Americans and its prevalence will continue to grow with the aging population. Shriver recently reported for NBC.com on the five things Alzheimer’s or dementia victims should do once a diagnosis has been confirmed: Execute powers of attorney and advance medical directives. These allow for the designation of a trusted person or persons to make financial and medical decisions before cognitive impairments worsen. Create a will. If you do not have a will that designates how your assets will be distributed upon…Read More
