Jerry Lee Lewis passed away in October 2022, leaving behind a large legacy and a multimillion-dollar estate. While celebrities may seem unrelatable to most, they face many of the same issues the rest of us do. For example, tax planning issues and estate planning worries. The passing of Jerry Lee Lewis has sparked thoughtful reflections on his life spent in the spotlight. Many are also wondering what will become of his fortune, and his estate.
Many people view cryptocurrency as the next great investment strategy. But, like with any investment, sometimes things don't go as planned. If you own crypto or NFTs, you need to include them in your estate plan.
Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it. Even more problematic, an unrecorded deed may make it possible for the grantor to sell the property to two different buyers. If the original buyer failed to record the deed, the property could be sold out from under them.
Anne Heche died without a will and consequently placed her surviving family members in a difficult position. Who had a right to inherit? Who would receive what? Family fighting and court battles ensued.
In our globalized and mobile world, its not uncommon to have close friends and family members who live in a different country. Some of these individuals may be a good choice as a guardian for your minor child, but it raises legal questions. Can a non-U.S. citizen legally qualify for guardianship?
You can make changes to your estate plan when you're still alive, but when you pass away, your plan is pretty much set in stone. Incorporating milestones into your estate plan is one way to hedge against the unpredictable future. You can create incentives for people to do things after you die. This way, you can still have an impact and take care of your loved ones even after you're gone.
As a business owner, there are many scenarios you need to consider. What do you want to happen to your business when you pass away? Because of certain federal laws, your estate planning must carefully address your S corporation.
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?
