BLOG

One would assume that celebrities with extreme wealth would take steps to protect their estates. But some of the world’s rich and famous enter the pearly gates with no estate plan. Others make estate planning mistakes that tie up their fortunes, and heirs, in court for years. Let us look at three high-profile celebrity probate disasters and discover what lessons we can learn from them.

If you want to provide for your grandchildren, and generations beyond that, a dynasty trust could be the answer. A dynasty trust is an irrevocable trust that offers many benefits, including tax minimization and asset protection. Unlike other trusts that end with outright distributions, a dynasty trust can span over two or more generations.

When incorporating a revocable living trust into an estate plan, spouses have the option to create either a single joint trust or two separate individual trusts. Oftentimes both trusts will have the same trustee (usually the couple’s child). So, the question becomes, will the work of two trusts become too much for the trustee to manage?

A blind trust can be used during your lifetime and is a great fit for those that have privacy concerns and want to prevent future conflicts of interest. Blind trusts can be an effective tool for complying with laws that prohibit insider activities. Anonymity is another common use for a blind trust. Lottery winners often use them for this purpose.

As an executor or trustee, your job is to distribute your deceased loved one’s money and property according to the terms of their will or trust. Sometimes, beneficiaries are difficult to find. This might be due to family conflict, or simply losing touch. What should you, as the fiduciary, do if you can’t locate the beneficiary of a will or trust?

Being an executor demands foresight, organization, and attention to detail to make sure all beneficiaries get what they're supposed to. If you're feeling the weight of this task, here are some tips to help ease the burden.

When a family member passes away, the last thing you want to be dealing with is paperwork. In an ideal situation, the legal concerns are so well handled in advance that you can grieve in peace. Setting up a revocable living trust is often the best option to avoid probate. Let's explore why that is.

Every trust has at least one grantor, also known as the trustmaker. This is the person who creates the trust. So, the terms grantor trust and nongrantor trust can get confusing. Its helpful to understand that neither of these terms refer to the existence or nonexistence of the trustmaker. Instead, these terms have to do with the trust’s income tax liability.

If you are among the minority of US adults who have prepared a will, living trust, advance directives, and other end-of-life documents, you may think that your estate plan is finished. But you may want to reconsider. An estate plan is a living set of documents meant to be regularly reviewed and updated as life changes happen.

Around half of all marriages end in divorce. If you’re like most people, you want to keep your child’s inheritance safe from ex-spouses, future creditors, and more. If you want to keep your child’s future spouse from inheriting what you leave them, consider using these estate planning strategies.