#AssetProtection: #EstatePlanning Blunders — Salvatore Phillip “Sonny” Bono
Sonny Bono’s estate planning was even more embarrassing than his death skiing into a tree. A political as well as pop figure, with some messy personal relationships, he should have had better planning — or at least some planning. But he had no will and of...#AssetProtection: #EstatePlanning Blunders — Bob Marley
Bob Marley’s estate continues to generate significant revenue decades after his death in 1981. Marley died intestate even though he knew he had cancer and lingered for nearly 8 months. Dozens fought over his estate, worth a reported $30 million. If attacked, do...#AssetProtection: #EstatePlanning Blunders — Stieg Larsson
Because he left no effective will or estate plan, Swedish author Stieg Larsson’s longtime partner was not entitled to the fortune from his Millennium series of books (and the movies based on them). He lived with Eva Gabrielsson for 30 of his short 50 years on...#AssetProtection: #EstatePlanning Blunders — Amy Winehouse
Amy Winehouse lived fast and died young — without a will or any other estate planning, of course. Moreover, parents pressured her to divorce her husband yet the romance rekindled and friends say she would have wanted to leave something for her soulmate. Too bad...#AssetProtection: #EstatePlanning Blunders — Barry White
The smooth, baritone Barry White never got divorced from his wife even though he was living with someone else. Plus he failed to make a will. All of that added up to years of conflict between his ex-wife, wife and girlfriend. If attacked, do you want to be Victor or...#AssetProtection: #EstatePlanning Blunders — Tony Curtis
Tony Curtis had six kids from six marriages, left them nothing in his will except a legacy of litigation. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans...#AssetProtection: #EstatePlanning Blunders — Martin Luther King, Jr.
King left a great legacy in civil rights before his assassination at the age of 39 in 1968, but he didn’t leave a will or estate plan. That blunder left his family grappling for control of his image and financial legacy even now, decades after his death. If attacked,...#AssetProtection: ‘Bahamas Papers’ Are Latest Chink in Offshore Armor
This round of leaks is somewhat less thrilling than those from Mossack Fonseca’s operations in Panama (although their name does come up) because the data uncovered is largely corporate registries, which contain only the basic components of offshore companies—name,...#AssetProtection: The Estate Plan of George Washington
Talk about long probates! President Washington wrote his Last Will and Testament himself, without consulting any “professional character.” The will is dated July 9, 1799, less than six months before his death on December 14, 1799. …. Probate lasted...#AssetProtection: Ten Reasons Estate Conflicts May Be Increasing
Whether it’s just perception or not, it does seem like there seems to be more fighting regarding estate plans. Here are 10 reasons why. Source: Ten Reasons Estate Conflicts May Be Increasing | Wealth Management In other Asset Protection news… Estate Sales:...Video: Gunpocalyptic Gun Trust Planning — Where There’s a Will, There’s a Way
Post-Gunpocalypse gun trust planning for California firearm legacy.
#AssetProtection: A Wine Tale – Proper Storage
By following these simple steps, the collector would have avoided the above condition disaster, the collection would have merited the six-figure purchase offer, and his children would have benefited from their father’s thoughtful collecting. Source: A Wine Tale...LPS Conservatorship Reversed for Lack of Grave Disability
Decision here: Appellant Jesse G. appeals from the trial court’s orders appointing the Mendocino County Public Guardian (public guardian) conservator of his person and estate pursuant to section 5350 of the Lanterman-Petris-Short Act (LPS Act) (Welf. & Inst. Code,...Photo Gallery: Eleven Long-Running Celebrity Estate Battles
Poor estate planning often leads to bitter fighting that can last years. Here are 11 high-profile examples of long-running estate conflicts, many of which could have been avoided with a little foresight. Source: Photo Gallery: Eleven Long-Running Celebrity Estate...Photo Gallery: Top 10 Executor Mistakes
Executors are bound by a bewildering array of responsibilities and duties. Here are 10 common pitfalls to avoid. Source: Photo Gallery: Top 10 Executor Mistakes | WealthManagement.com If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when...Eleven Tips For Overwhelmed Executors
Executors (or administrators) of estates shoulder a great deal of responsibility. For this reason, trusted professionals familiar with the process are often the best choices. However, in many cases, the deceased’s closest family member (child or spouse usually) is...Whistleblower Ties Northern Trust to NHL Fraud Scheme
OK, scratch Northern Trust: The New York Daily News was recently approached by a whistleblower named Aaron Mascarella, a former vice president of lending at the bank, with a series of potentially damning secret recordings that suggest that Northern Trust executives...Another Ruling Eases Concern Over Trust Funding
Continuing a recent trend liberalizing rules on trust funding, yet another California court case has deemed a trust to be funded with real property even in the absence of a deed expressly referring to the trust: Carne v. Worthington If attacked, do you want to be...Robin Williams Estate on Entertainment Tonight – YouTube
Widow vs. children. This happens more commonly than decedents expect before they die. Perhaps a total return unitrust would have worked here. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM,...Whitney Houston Estate on Entertainment Tonight – YouTube
Whitney Houston’s estate in the news again — death of her daughter and failure to update her plan means assets are back in Whitney’s estate. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed....Prince Estate on NBC Nightly News – YouTube
$300 million and no estate plan? That’s embarrassing enough to turn someone purple. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We...IRS Allows Late QTIP and Reverse QTIP Elections, Allocation of GST Exemption
This content is for members onlyLana Meisner, wife of Eagles member Randy Meisner, is killed in gun accident – LA Times
BTW, there is no such thing as a “gun accident” — this was a negligent discharge. Stop a moment and think whether your family is trained at least in the basic rules of gun safety. I can tell you it is very common for family members with absolutely no...When Buying a House Becomes an Estate Planning Horror Story: One Family’s Fight
Unfortunately, even a simple, seemingly trivial mistake can turn an otherwise careful transfer of an asset (like a house) into a horror story – and you may not even realize you’ve made a mistake until it’s too late. One Arkansas family currently faces big consequences...IRS Apparently Not Requiring Form 8971 Where 706 Filed for Portability Only
The instructions for Form 8971 (report of final estate value for assets to be distributed) are not exactly clear on whether the form must be filed where an estate tax return (706) is filed merely for porting deceased spousal unused exclusion amount (DSUEA): The filing...14 Reasons You Need a Gun Trust for ALL Guns
[UPDATE: For the last three years (since August 2016) I have not generally recommended the lifetime funding of gun trusts in California. Passage of AB 1292 in July 2019 has significantly enabled and clarified use of gun trusts — however, there are limits...Reassessment and Entities (Reassessment and Estate Planning, Part 3)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...Reassessment and Individuals (Reassessment and Estate Planning, Part 2)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...Intro to Reassessment (Reassessment and Estate Planning, Part 1)
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...The Importance of Trustee Selection and How to Do It
For a deeper understanding of this subject, please take our self-paced online course or attend one of our live seminars. All training is free. Follow @guntrust If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate for people to die...California Appellate Ruling Broadens Use of Heggstad to Fix Trust Funding Issues
Ukkestad v. RBS Asset Finance Filed March 16, 2015, Fourth District, Div. One Cite as C065630 Settlor established a Trust which recited that all of his “right, title and interest” to “all of his real … property” is included in the Trust’s assets. After the Settlor’s...Trusts Implied by Court
The Probate Code defines trusts as either express trusts, or trusts implied through court action. Implied trusts are of two kinds: resulting trusts and constructive trusts. Resulting Trusts A resulting trust is imposed by law where circumstances show that the...Trust Funding Basics
This content is for members onlyTrust Administration
Probate administration, or administration of an estate, begins after death. There is no administration required of a will during life, however even with a will-based estate plan it is a good idea to review the plan on a regular basis to make sure it is up to date and...Reverse Mortgages and Irrevocable Trusts
This content is for members onlyResponsibilities When a Loved One Leaves the Range
Estate settlement responsibilities can get complicated and tend to arrive precisely at the time when we are least able to handle them, emotionally and perhaps physically. Here is a general discussion of some of the issues involved for a simple estate, but keep in...GUN TRUST ATTORNEYS ISSUE WARNING
[UPDATE: For the last three years (since August 2016) I have not generally recommended the lifetime funding of gun trusts in California. Passage of AB 1292 in July 2019 has significantly enabled and clarified use of gun trusts — however, there are limits under the new...CHOOSING TRUST SITUS
Put simply, trust situs is where a trust is located. However, a trust can hold assets in many states so situs does not simply mean where trust assets are located—although place of administration of personal property can be a factor considered by courts. (Real property...
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