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Julie's Wills & Estate Planning Blog Becomes Common Sense Estate Planning Blog

Sat, 31 May 2014 13:56:46 +0000

Listen up Wills & Estate Planning Blog readers - my blog has moved to a new location with a new name: Common Sense Estate Planning Blog. My About.com blogs aren't going away, they're just being transitioned into articles that will still be available on my Wills & Estate Planning website. So, if you want to keep up with what's going on in the estate planning world, like the recent changes that were made to Maryland estate tax laws, then hop on over to my new blog by following the link above.

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Why Does it Take So Long to Receive an Inheritance?

Wed, 28 May 2014 00:07:35 +0000

For certain beneficiaries of an estate or trust (you know who you are), the first question they want answered is when they can expect to receive their inheritance - cash is preferred, but a check will do just fine, thank you. What these beneficiaries don't realize is that handing out the inheritance checks is the very last thing on the to-do list of their Personal Representative or Successor Trustee. Why? Because there are multiple steps that a Personal Representative or Successor Trustee must take - including settling the final bills of the decedent, getting appraisals, filing all required tax returns (both income tax returns and death tax returns, if applicable), paying any taxes that are due, and all the while keeping up with the ongoing expenses of settling the estate or trust (utilities and maintenance for real estate, appraisal fees, accounting fees, and legal fees) - before the Personal Representative or Successor Trustee can even consider handing out the inheritance checks to the beneficiaries.

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Does Your Child Need a Discretionary Lifetime Trust?

Wed, 21 May 2014 20:33:57 +0000

One of my roles as a former estate planning attorney and current trust officer for a private bank is to insure that my clients' estate plans meet their ever-changing estate planning goals. One question that private bank clients bring up on a frequent basis is how they can protect the inheritance that their child will receive from the child's spouse. Often times after discussing the client's concerns this goal is the desired regardless of the client's relationship with their son-in-law or daughter-in-law - in other words, the client may have a great relationship with their child's spouse, but in the end the client wants to insure that their hard earned money stays in their blood lines and doesn't get in the hands of another family.

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Where Should You Retire? You Just May Be Surprised at the Results of a New Survey

Wed, 14 May 2014 00:04:58 +0000

In a recent survey conducted by Bankrate, Florida didn't rank among the top ten best U.S. states in which to retire. In fact, Florida didn't make the top twenty and barely made it into the top thirty - Florida ranked a lowly #39. Yes, according to Bankrate, there are only eleven states where its worse to live as a retiree than Florida, here they are ranked from #40 down to #50: Connecticut, Kentucky, Maryland, Oklahoma, Louisiana, Alabama, Hawaii, Arkansas, Alaska, West Virginia, and, the worst state for retirees is: New York.

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New York Estate Taxes, Where to Store Your Will, Do it Yourself Wills Top Most Read Wills & Estate Planning Blogs in April 2014

Tue, 13 May 2014 00:51:28 +0000

Changes made to New York estate taxes, finding a good place to store your will, and a do it yourself will disaster in Florida topped the most read Wills & Estate Planning Blogs in April 2014:

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Michael Jackson's Estate Set to Release New Album

Tue, 06 May 2014 00:43:37 +0000

Five years ago in May 2009, Michael Jackson was getting ready for rehearsals in preparation for an upcoming world tour. Since the singer/songwriter/choreographer/dancer was millions in debt at the time, the tour was critical to solving his financial woes. But after the 50 year old died unexpectedly on June 25, 2009, the handlers of his estate, attorney John Branca and music executive John McClain, have not only managed to wipe out all of the debt, but they have proceeded to generate millions of dollars in revenues.

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Judge Intervenes in Determining Guardian for Actor Paul Walker's Daughter, Estate Puts Exotic Car Collection Up for Sale

Mon, 05 May 2014 00:39:34 +0000

When Fast & Furious star Paul Walker died in a fiery car crash back in November 2013, he left behind a 15 year old daughter named Meadow and a fortune estimated to be worth between $16 million and $25 million that will need to be managed on his young daughter's behalf. Mr. Walker never married Meadow's mother, Rebecca Soteros (also known as Rebecca McBrain), and in fact in his estate plan that the actor wisely created a little less than three years after his daughter's birth, Mr. Walker did not name Ms. Soteros as guardian of their daughter. Instead, Mr. Walker chose his mother, Cheryl Walker, to be Meadow's guardian. So since Mr. Walker took the time to make an estate plan and he intentionally did not choose the mother of his daughter to serve as her guardian, his choice for guardian should be honored, right? Well, not so fast (or furious). The surviving natural parent of a child is always the first in line to act as the child's guardian if the other natural parent dies while the child is still a minor. This result can be altered by legal proceedings such as adoption or termination of parental rights, but in Mr. Walker's case Ms. Soteros still stands first in line to act as Meadow's guardian regardless of what he stated in his estate plan.

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Investigation of Attorney and Accountant Who Assisted Heiress Huguette Clark With Her Estate Plan Ends With No Charges

Mon, 28 Apr 2014 00:28:25 +0000

The New York District Attorney's office has cleared attorney Wallace Bock and accountant Irving Kamsler, who advised copper heiress Huguette Clark during her final years, of any wrongdoing. After Ms. Clark died in 2011 at the age of 104, it was discovered that while she left an estate estimated to be worth $300 million, she had made millions in gifts to her staff during her lifetime. In addition, in 2005 she had made two wills that were signed only six weeks apart. The first will left Ms. Clark's estate to her closest living relatives while the second will cut out her family and left her estate to staff, friends and charity, including $500,000 each to Bock and Kamsler.

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Which Countries Have the Worst Estate Taxes?

Tue, 22 Apr 2014 00:53:06 +0000

In a study of 23 major economies across the globe, the UK-based accounting firm network UHY International found that "Old World" economies collect higher inheritance and estate taxes than "New World" economies. The greediest culprit - Ireland - charges 26% from an estate worth the equivalent of $3 million USD, while the second greediest - the United Kingdom - is not far behind at 25.8%. In addition, the UK inheritance tax threshold is fixed at £325,000 (about $545,000 USD) at least until April 2018, which is about $141,000 USD less than the average cost of a house in London and only about $126,500 USD above the average cost of house in all of the UK. Contrast this with the United States, which has a $5,340,000 estate tax exemption in 2014 that will be increased for inflation in 2015 and later years and is expected to reach $9,000,000 per person by 2034. Aside from this, a handful of "major developed and emerging economies," including Australia, India, Israel, New Zealand and Russia, have eliminated inheritance taxes altogether, apparently in an attempt "to encourage more wealth creation and transmission."

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Another Do it Yourself Will Disaster Makes It All the Way to Florida Supreme Court

Mon, 21 Apr 2014 00:23:05 +0000

If the recent decision handed down by the Florida Supreme Court in Aldrich vs. Basile isn't enough to dissuade you from making your own Last Will and Testament, then I ...

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