Whitney Houston’s estate was worth approximately $20 million when she died – plenty to meet the needs of her only daughter – Bobbi Kristina. Sadly, only a few years after Houston’s death, Bobbi Kristina died as well. Although Bobbi Kristina’s previous boyfriend, Nick Gordon, is still a suspect in her murder, many say that having […]
Trusts
5 Mistakes Made by Successor Trustees (and How To Prevent Them)
When establishing a trust, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. This individual ideally should be: That said, even the most capable, well-intentioned successor trustees can make mistakes when managing affairs. Here are five surprisingly common mistakes […]
3 Examples of When an Irrevocable Trust Can and Should Be Modified
Did you know that irrevocable trusts can be modified? If you didn’t, you’re not alone. The name lends itself to that very belief. However, the truth is that changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Or, sometimes, an error in the trust document itself is identified. When […]
Sonny Bono’s Procrastination in Creating a Will Led to Years of Estate Battles
Sonny Bono, the singer, songwriter, restauranteur, and former Congressman, died in a tragic ski accident in 1998 at the age of 62. His net worth was just under $2 million at the time of his death, yet Bono did not have a will. Apparently, he meant to have one drawn up, but simply never got […]
Stress Test Your Estate Plan
So, you have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. Estate plans should be like living, breathing creations that reflect the changes in your […]
3 Simple Ways to Avoid Probate Costs
The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars. The good news: probate costs can be reduced by avoiding probate. It’s really that simple. Here are three simple ways […]
Your Cyber Legacy: 3 Tips For Your Digital Assets
There’s an entire category of commonly-overlooked legacy to consider – digital assets. Don’t worry if you didn’t consider these assets when made your will or trust – it’s surprisingly common and, luckily, easy to correct. What are digital assets? They include: These assets can have real value, such as virtual currency accounts, a URL, or […]
Wills, Trusts & Dying Intestate: How They Differ
Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen […]