Articles Posted in Wills & Trusts

You’ve seen the commercials with Robert Wagner extolling the wonders of a reverse mortgage. Is he trying to sell you a bill of goods? Is a reverse mortgage worth it? That depends. What Exactly Is a Reverse Mortgage? Reverse mortgages are available to homeowners who are 62 and older. To be eligible, you must live…

The late actor, James Gandolfini died and left an estate worth an estimated $70 million. Now thanks to bad estate planning, the IRS may take up to 50% of that estate. The larger-than-life actor gave $1.6 million dollars to various friends and relatives. He split the rest up among the following people: his two sisters-30%,…

Last year Congress passed the Tax Cuts and Jobs Act of 2017 which pretty much killed the aptly named death tax. It didn’t actually kill it just exempted those who leave less than $11 million to their heirs. Since the idea of no leaving a federal tax burden to their heirs, many people are questioning…

Over 80 million people in the U.S. have at least one pet. That’s 65% of all households. Cats are more popular than dogs, but that’s still a ton of pets. There is a very good chance that they are treated as family members. Unfortunately, many people don’t include their furry loved ones in their estate…

The new tax law doubles the amount that can be passed to heirs without them having to worry about estate and gift taxes. The amount works out to about $22 million for a married couple, but is only in place until 2025. Due to this, the uber-rich are turning to what are called dynasty trusts,…

A Los Angeles judge appointed a probate referee to appraise the late actress Carrie Fisher’s estate. In a one-page order issued Thursday by a Superior Court judge named Zachary Seff the duties of evaluating all interest, inheritance, transfers and property of the late actress/author’s estate. The estate is rumored to be worth $6.8 million. The…

If you are worried that you don’t have the financial means to hire a good estate planning attorney, don’t fret. Even the richest don’t always get the best advice.Even celebrities aren’t immune from making estate planning mistakes. Monumental Estate Planning Blunders of 5 Celebrities gives some examples of blunders by the rich and famous. Their…

Determining who “legally gets what” would have been provided with an effective will, as these are the decedent’s last wishes. In the event that one passes without leaving behind a will, dying “intestate” means the decedent loses the opportunity to control who will be the recipient of their assets. Intestacy laws, therefore, determine whether or…

The rise of the value of cryptocurrencies in the past few years has exploded and many people have vastly added to their financial wealth. There are billions floating around out there and if you own any of it, like BItcoin, you need to include in your estate planning. You might think that upon your death,…