You do not have to be a celebrity to have an all-star estate plan. However, probate attorneys say that the everyman may be able to benefit from some estate planningstrategies utilized by high-profile entertainers in Florida and other states. Even if you can't imagine walking the red carpet yourself, you can still have an award-winning estate plan. For example, Elizabeth Taylor's estate provided an excellent model Read More
FLORIDA FAMILY FEUDS FOR FIVE YEARS OVER ESTATE LITIGATION
A family feud in Florida has left a large estate decimated after a prolonged probate battle. News reports out of the state show that the stepdaughter of prolific heir Ben Novack Jr. has received about $50,000 to pay for her son's heart surgery from the estate, but she faces an uphill battle in attempting to collect the rest of his inheritance. The probate litigation in the case has been fraught with difficulty, as a Read More
HANDLING REAL ESTATE DURING THE EXECUTION OF A FLORIDA WILL
Selling a house in Florida is rarely an easily reached decision, and the process is not much simpler. However, when the home is attached to stipulations in someone's will, the sale can become even more riddled with tension and pressure. Not only may family members and heirs have a sentimental attachment to the home, but it also becomes clear that real estate is not as easy to divide as other, more liquid assets. Read More
WIDOW LOOKS TO RECOVER $3 MILLION THROUGH PROBATE LITIGATION
The 59-year-old widow of a famous restaurant founder is seeking additional compensation after winning control of the man's estate. The woman was the third wife of the founder of Benihana Japanese restaurants, some of which can be found in Florida. The woman is seeking an extra $3 million that she claims was "looted" from the man's estate as he was on his deathbed. A lawsuit has been filed in the matter, but the man's Read More
ESTATE PLANNING TOOLS FOR KIDS WITH ASSETS
If you think you are too young for an estate plan, think again. Estate planning is a useful topic for adults of all ages. If you have assets, you need to know how to distribute them after your death. Even though most estate planning information is targeted at those over 50, experts urge younger people to think about their assets. Further, parents of young children may benefit from estate planning tools designed to Read More
PREGNANT WOMAN’S PLIGHT BRINGS ATTENTION TO LIVING WILLS
A pregnant woman who had forcibly been placed on life support after a serious medical incident will finally be laid to rest. The situation raised serious questions about the rights of pregnant women in Florida and the rest of the nation, as the woman was kept alive against her advance wishes. The state of Texas, where the woman resided, has a law that overrides living wills if a pregnant woman suffers brain Read More
GET BREATHING ROOM IN YOUR TRUST MATTERS BY ‘DECANTING’
Americans who have set up irrevocable trusts in a location that has overwhelming income taxes may benefit from a process known as estate 'decanting.' This trust administration tool is used for irrevocable trusts, and it is gaining popularity among Floridians and other U.S. residents. Attorneys and estate planners explain that decanting involves simply distributing assets from an old trust to a new one, preferably Read More
ESTATE PLANNING TOPICS: CHOOSING YOUR EXECUTOR WITH CARE
As Florida residents work through the details of their estate plan, they may wonder how to appoint an executor. That person, after all, will be largely responsible for making sure that your assets and personal holdings are distributed according to your wishes. Although you may think that the title of executor is a compliment, many people may not view it as such, perhaps because the executor's role is so complicated Read More
JACKSON’S ESTATE VALUE STILL HELD UP IN TAX COURT
Most of us are familiar with the meteoric and often controversial career of the King of Pop, Michael Jackson. Even though he passed away in June 2009, his estate is still facing a significant amount of legal action, with estate valuation playing a major role. Now, the battle continues to rage as administrators work to calculate estate taxes related to financial assets that have been accumulated since Jackson's Read More
OUT-OF-STATE TRUST ADMINISTRATION GAINS TRACTION
Estate planning professionals say that a growing number of Floridians are moving their assets into trusts in no- or low-tax states such as Delaware, Alaska and Nevada. Those trust modifications are coming under the scrutiny of state officials, who say they are losing financial revenue through this type of trust administration tax avoidance. Still, fewer Americans are figuring out ways to bypass estate taxes, even as Read More
