For the new deal, Pepsi will use 'silhouette imagery' of the pop icon on their limited edition cans. They will also sponsor contests to give fans across the world an opportunity to win Michael Jackson memorabilia.
]]> This icon rose to superstardom once he went solo and currently has the best-selling music album in history, Thriller. Jackson passed away in 2009 at the age of 50. This new deal will likely bring in money for Michael Jackson's estate, and it could signal the beginning of many other deals using the pop legend's likeness. Savvy estate administration appears to be the reason for this new deal.Ultimately, those planning their estate may want to ensure someone responsible and unbiased is in charge of administration. Although it is unlikely that most individuals will obtain the level of stardom that Michael Jackson did, it is still important for people in the public eye to maintain their image even after they pass away. Ensuring a trustworthy party is slated to oversee one's affairs can ensure the continued prosperity of an estate.
Source: BostonHerald.com, "Michael Jackson's estate, Pepsi team up for Bad anniversary," Ira Kantor, May 4, 2012
]]>Many Texas residents probably remember Coleman from his regular appearance on "Diff'rent Strokes." The show ran for six seasons on NBC and two seasons on ABC. Coleman's famous catchphrase on the series, "Whatchu talking about Willis?" became his trademark.
]]> The child TV star was taken off of life support in May 2010 after suffering a traumatic head injury after a fall at his home.This case concerns which of Coleman's multiple wills should direct the allocation of his assets. Wills for Coleman's estate were drafted in both 1999 and 2005. The latter document names Coleman's ex-girlfriend as his executor and heir. However, an amendment, which was hand-written by Coleman in 2007, names the actor's ex-wife as his sole heir. It states that the document should replace any previous wills.
Ultimately, the decision turns on whether the presiding judge believes Coleman's ongoing relationship with his former wife after their divorce constituted a common law marriage.
Coleman's ex-wife asserts that even though the two divorced in 2008, they kept living together and represented themselves as married until he passed away.
On the other hand, another woman, the actor's ex-girlfriend, claims that Coleman named her as a beneficiary and executor of his estate in 2005. This woman managed his business affairs for several years.
There is no exact number as to the worth of Coleman's assets; however, court papers mention a $324,000 house and a pension.
Ultimately, legal specialists indicate that the case is more about future rights to Coleman's name and brand than assets. Which woman will prevail?
It's okay to change your mind when you are making estate plans. However, it is so important that any amendments that you make to your legal documents are in accordance with the law. If they are not, your estate may be distributed to an unintended person.
Source: KGMI News, "Utah judge to decide fate of Gary Coleman's estate," May 9, 2012
Source: Huffington Post, "Gary Coleman Estate: Actor's ex-wife Shannon Price and ex-girlfriend Anna Gray battling it out," May 7, 2012
]]>In recent news, lawyers for Zsa Zsa Gabor's daughter and husband are scheduled to appear before a judge who is considering whether the former actress, who is currently in poor health, needs oversight of her finances and medical care.
]]> In some states, conservators are appointed by courts after a hearing has determined that a person is incompetent to handle his own financial or medical affairs. In Texas, you may have heard of the terms financial or health care "power of attorney." Conservators perform similar responsibilities. However, conservators are appointed.The attorneys for the two sides will argue their case before a judge. Specifically, the daughter petitioned to be named as her mother's conservator; however, Gabor's husband has opposed this request.
According to the daughter, the husband of the actress is allegedly mismanaging her finances. On the other hand, he claims that he is providing adequate oversight--medically and financially.
While the daughter is seeking access to medical and financial information, she would be open to having an independent third-party act as her mother's conservator.
Sources report that the former actress will not be present at the hearing. Instead, her doctor recommends that she remains in her bed, which is a familiar and comfortable environment.
Ultimately, this case is a reminder that estate planning is very important. Before something tragic happens to your health, you may want to make arrangements for the oversight of your health or estate. After all, your assets should be protected by someone that you trust.
Source: Yahoo! News, "Judge to consider oversight of Zsa Zsa Gabor," Anthony McCartney, May 2, 2012
]]>The will clause, which has been validated by court, indicates that Brown will inherit Houston's items at the age of 30. Currently, Brown is 19 years old. That means that she must wait more than a decade before she can actually have control over her inheritance.
]]> So, what will happen to all of the money and assets? The provision states that Brown's inheritance should be placed in a trust until she is eligible to receive the share. Fortunately, Brown will get 10 percent of her mother's money and assets at her 21st birthday. Furthermore, she will get an additional one-sixth of the value in the trust at the age of 25.While this may be disappointing to Houston's daughter, in reality, the will provision will prevent Brown from blowing through her inheritance too quickly.
If you are in the process of estate planning and you have younger children, you may want to consider creating a provision in your will that is similar to Houston's. Obviously, no one expects to pass away early in life. Nevertheless, death is often unexpected. For this reason, it is imperative to prepare for your children. While they may deserve your estate, it's risky to put money or assets in the hands of a young child.
Source: Gather, "Bobbi Kristina Brown Left Everything by Whitney Houston... with a Catch!?" William Mantic, April 9, 2012
]]>In sum, this generous person donated his $1 million estate to 22 nonprofits through his will. Some organizations received as much as $48,000.
]]> So, where did this money come from? Sources say that the man had hefty personal savings. He also had retained some inheritance money.Some organizations never knew of the man; they had no idea why he chose them as beneficiaries. Nevertheless, the selfless act is greatly appreciated by the recipients.
In this particular case, the man did careful research and came up with a list of 22 organizations that were important to him. Children's charities, health foundations, nature organizations and other causes received some of the money.
One organization, the Ronald McDonald House, intends to use its money to help pay expenses for families who stay at the facility. According to the facility's executive director, "The impact of this will be tremendous."
Are you the kind of person who makes plans to do something good for your community? Unfortunately, life can be very busy, and sometimes we don't have the time to assist those in need. If this is case, you may want to consider formulating your estate plans to include charities or organizations that you believe in. Many organizations scrap by with little funding. If you have always intended to assist specific nonprofits, like this man, you may have the opportunity to do so through a solid estate plan.
Source: Evansville Courier & Press, "Late Whirlpool retiree's $1 million estate divided among 22 nonprofits," Susan Orr, April 18, 2012
]]>Joint representation can be more cost-effective and efficient; however, if each spouse has his or her own lawyer, he or she may have more freedom to address personal concerns. This is especially important in blended families because there can be conflicting interests between family members--step children, step parents, etc.
]]> Ultimately, a couple should not create estate plans together unless communication is open. Nevertheless, before you make a final decision, there are some factors that you should consider:• If only one of you has children: If the parent dies first, there is a risk that the childless partner will leave out the children. While this issue can be addressed in shared estate planning documents, sources suggest that individuals plan separately in this particular scenario.
• If one of you is economically dependent on the other: This is usually not a reason to get separate lawyers; however, it might be when connected with other factors on this list.
• Length of the relationship: If the relationship is shorter, individuals should probably get separate lawyers. In other words, the longer the relationship, the safer couples are in joint representation.
• There is a prenuptial agreement: If it was important enough to have prenuptial or a property agreement prior to marriage, it is probably just as important to have separate lawyers for estate planning.
• Age difference: If there is a significant age difference between partners, individuals should get separate attorneys. At very different ages, individuals have diverse agendas or interests.
These are just some of the factors people should consider when determining whether they should make estate plans independently or together. In the end, experts claim that the decision mainly rests on financial issues. Therefore, one should not be offended if his or her partner opts for separate representation.
Source: Forbes, "Estate Planning For Couples: Should It Be A Solo Or A Duet?" Deborah L. Jacobs, April 10, 2012
]]>Researchers from Ohio State University have found that adults who receive an inheritance save approximately half of what they obtain. The study suggests that individuals spend, donate or lose the remainder of the bequest.
]]> The study examined 7,500 people who participated in the National Longitudinal Survey of Youth. The research began in 1979. It shows that Americans are expected to transfer nearly $4 trillion to their heirs over the next decade. Those concerned about the country's low savings rate hope that this expected inheritance is used logically and efficiently by those who receive it.Hopefully, informing the public about this issue will motivate people to restrain their spending and use inheritance money for their children's college payments or future retirement.
Ultimately, what you do with your bequests is your own choice. You can invest it, donate it or spend it. Nevertheless, with an economy that has been struggling for quite some time, maybe it is time to consider saving your inheritance. Regardless of what you choose to do, there is one thing that you should absolutely not do--lose it all.
Source: EmpowHer, "Americans only save half of their inheritances," Bailey Mosier, March 20, 2012
]]>Recently, the singer is once again headlining the news. This time, sources speak about the singer's estate. According to reports, Amy Winehouse left an estate worth 2.94 million pounds, which is the equivalent of $4.66 million, after her death last year. Specifically, probate documents show that she has assets totaling more than $6.7 million, leaving $4.66 million remaining after debts and taxes.
]]> Unfortunately, Winehouse did not take the time to make estate plans before she passed. As a result, the money will go to her parents. Furthermore, documents list the singer's father as administrator of the singer's estate.No one will ever truly know the singer's specific post-life intentions for her assets and money. For example, did she really want her parents to get all of her money? Or, did she have the desire to donate money to the music community?
Winehouse never had the opportunity to see her 30th birthday. This story serves as a reminder that life can be taken very unexpectedly. For this reason, if you have specific aspirations for your assets after you die, you should ensure that you make appropriate legal arrangements. You can never really be too young to set up a will.
Source: Yahoo! News, "Winehouse family to get her $4.66 million fortune," March 28, 2012
]]>Sure, a do-it-yourself will can work for individuals or couples with simple, child-free lives. However, most lives are complex enough to require detailed wills. Specifically, domestic partners, couples with more than $1 million in assets and non-citizens are some of the people who probably want to retain an attorney.
]]> Furthermore, an evaluation of online do-it-yourself wills show that they may not be sufficient. For example, LegalZoom is an online legal document factory. Legal professionals reviewed the accuracy of the online site. In one case, attorneys examined an estate plan, which was constructed from the website.According to reports, the website lacked legal backbone, especially in issues related to guardians. Who will take care of your kids when you pass? Do you have any backups? Furthermore, the will was missing age specifications for trusts. Most parents want their kids to be older when accessing such money. If you and your spouse were to die while your kids were young, LegalZoom would give your children access to trust money right away.
Attorneys found many other technical problems on LegalZoom and similar websites. Ultimately, professionals determined that the $81 spent on the website was not enough for a legally sufficient will. Furthermore, even if an individual were to pay for the Cadillac of wills on LegalZoom, one would ultimately be looking at hundreds of dollars for a mediocre and unstable will.
Therefore, if you are interested in making estate plans, you may want to speak to a legal professional. Unless you have an unusually simple life or are extremely knowledgeable in estate law, it may be difficult to do this on your own.
Source: The Oregonian, "Fill-in-the-blank wills can be a little skimpy," Brent Hunsberger, March 10, 2012
]]>Sources say that younger people tend to feel that there is no specific need for estate planning. Nevertheless, legal professionals feel that it is a good idea for younger adults to work up a will. They add, at a minimum, individuals need to name a guardian for their children.
]]> Young individuals should ask the following question: What would happen if I passed away immediately? If you have children and you do not name a guardian for their care, if you were to pass, a random judge would assign a guardian to your children.In addition to naming guardians, experts suggest young parents should consider financial repercussions of an unanticipated death. For example, if something happens to a spouse in a younger family, there are income needs that need to be figured out for remaining family members.
Ultimately, if you die without a will, the state will essentially make one for you. While this may work out for some individuals, many people have inherent plans for their assets after they die. For this reason, if you do not have a current estate plan, you may want to begin to formulate one-especially if you are unfamiliar with the probate rules of your state. Remember, probate systems vary significantly across the nation.
Source: Cleveland Jewish News, "Estate planning wise at almost any age," Michael C. Butz, March 15, 2012
]]>It all started when a woman had a craving for dessert. She journeyed to her local Stop and Shop to ease her hunger, and while she was in the store, the woman decided to purchase a Powerball ticket. Much to her surprise, the 81-year-old woman won $336.4 million. She is the winner of the sixth-largest prize in the United States. According to sources, to protect her savings, the woman opted for a lump sum of $210 million and set up a trust under the name "Rainbow Sherbet Trust."
]]> Sources say that the woman was so shocked. She did not claim her prize for about one month. In fact, she kept the ticket in a Bible and slept with it in her bed. Once she got over the shock, the woman was smart and set up a trust for her winnings. It is extremely important to make plans for such a large amount of money. With proper trust arrangements, the woman can ensure that her family and loved ones are financially cared for after she passes.The woman made a statement about her incredible luck: "I'm very happy and I'm very proud and this will make my family very happy. We are truly blessed. Thank you."
Source: New York Times, "$336.4M Powerball winner is 81-year-old woman," Mar. 6, 2012
]]>The grandson of Borden's lawyer gave the journals to the Fall River Historical Society in his will. He recently passed away.
]]> Sources say that the chronicles include details of interviews that Borden's attorney conducted throughout the trial. The museum's curator notes that the legal journals contain some previously undiscovered information about the murder case. For example, an article reports that there are some comments about how much Borden's father cared for Lizzie and her sister.The Fall River Historical Society is extremely privileged to have received such a unique will donation. With proper exploration of the journals, modern attorneys may find historic details about the murder.
Most individuals create post-death plans for their cherished assets. This story is a great example of the preservation and safety that wills can provide. Thanks to the careful estate planning of the lawyer's descendants, these priceless journals will probably be safeguarded by historians for years. Furthermore, the content will serve as interesting legal accounts of one of America's most captivating murder stories.
Source: CBS News, "Lizzie Borden's lawyer journals see the light," Mar. 5, 2012
]]>People assume their family will automatically inherit any assets they leave behind; however, assets are held in probate court and distributed according to state law. This process can be expensive and emotionally exhausting.
]]> Efficient estate planning involves only a few fundamental legal documents. Experts suggest the following:• Will: You should create a will when you have assets or start a family. Assets can be left to loved ones through this legal document. A will usually names an executor. This person manages the administration of the estate and distributes assets to the specified inheritors. Also, the will should designate guardians for your children in the event both parents were to pass.
• Healthcare proxy: This legally permits an individual to make medical decisions on your behalf in the event that you became incapacitated. Depending on the state, family members may make some healthcare decisions if no healthcare proxy is in place. However, the legal and financial process can be very strenuous. This is why a healthcare proxy is a good idea.
• Durable power of attorney: In the event that you were to become incapacitated, this grants a spouse or another individual the power to make financial or legal decisions on your behalf.
Trusts are another estate planning tool, which give you greater control over who receives your money. Furthermore, funds in some trusts cannot be attained by creditors. There are various types of trusts, which include the following:
• A special needs trust provides for a child in need. This does not compromise his or her access to government benefits.
• A Qualified Terminable Interest Property (QTIP) trust provides for the marital deduction and guarantees that a spouse cannot use assets to benefit a future spouse.
If you are ready to make arrangements for your assets, you should speak to an attorney about the various estate planning possibilities. There are many options that you can select to ensure that your loved ones are cared for.
Source: U.S. News & World Report, "What type of estate and tax planning do I need to do?" Susan Johnston, Feb. 27, 2012
]]>Sources explain that the estate of former "Columbo" star Peter Falk has willed $3 million to the University of California, Los Angeles (UCLA), for student scholarships. The money will be used to create the Shera and Peter Falk Lt. Columbo Memorial Scholarship Fund. The first award will go to five students entering UCLA next fall. It will cover the students' tuition for four years. The scholarship will focus on aiding undergraduates studying music, military veterans and those with disabilities.
]]> After a long acting career on Broadway, in television and in the movies, Falk passed away last June at the age of 83. Specifically, the actor was best known for his role as a Los Angeles police detective on "Columbo," which earned him four Primetime Emmy Awards.Based on his probate arrangements, one might assume that education was extremely important to the former actor. If you are making estate plans, you should consider what is important to you. Do you have a preferred charity that you would like to support? Do you want your children to receive most of your assets? If you have particular plans for your estate, you may want to speak to an experienced lawyer. An attorney will guarantee that the people you care about are taken care of after you pass away.
Source: Washington Post, "Former 'Columbo' star Peter Falk bequeaths $3 million to UCLA to provide student scholarships," Feb. 21, 2012
]]>However, while the estate tax is primarily aimed at wealthy individuals, many argue that it does not accomplish its goals and that it has a disparate effect on farmers and small business owners. Through careful estate planning, high net worth individuals can often circumvent the death tax entirely, while those with most of their worth tied up in land or business equipment may take huge hits. When a farmer or operator of a small business dies, their heirs may have to sell off land or other critical assets just to pay estate taxes, potentially resulting in the ruination of a profitable enterprise.
]]> One Texas Congressman, Kevin Brady, is seeking to eliminate the federal estate tax entirely in 2012. Congressman Brady's bill, the Death Tax Permanency Repeal Act, has garnered bipartisan support from over 190 members of Congress, as well as advocacy groups like the National Cattlemen's Beef Association.If full repeal of the estate tax proves impossible, supporters are still looking to make the 2010 estate tax relief package permanent. Under that legislation, still currently in effect, estates worth less than $5 million for individuals or $10 million for couples are exempt from taxation; an estate's net worth over the exemption limits is taxed at 35 percent (under the former default law, there was only a $1 million exemption, with the excess taxed at a 55 percent rate).
Only time will tell if 2012 will mark the death of the death tax. In the meantime, prudent estate planning will remain the best tool to ensure generational continuity in important family assets.
Source: Iowa Farmer Today, "Time for permanent relief from the federal 'death tax,'" Kent Bacus, Feb. 10, 2012
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