I have new clients, a same-sex couple. When interviewing them about their assets, they told me that they own their home as joint tenants with rights of survivorship (JTROS), and not as tenants-in-common (TIC). In brief, the difference between the two are as follows. If two people own property as JTROS, then upon the death… Read More
Are Do-it-yourself Wills Ever Ok?
I’d like to talk a little bit about do-it-yourself wills., but not necessarily in the way that you might think. One thing that estate planning attorneys –especially those who blog and tweet– like to rail about are online and store bought do-it-yourself wills. LegalZoom is the enemy, and the lesser-known companies are even worse. I… Read More
Yankee Owner George Steinbrenner Dies — PIcks a Good Year to do it.
New York Yankees owner George Steinbrenner died today at the age of 80. According to Forbes Magazine, he was worth $1.1 billion. Total federal estate tax his family would have owed if he died last year or next year? Approximately $500 million. Total federal estate tax his family owes this year? Exactly zero. As I’ve… Read More
Wall Street Journal: Too Rich to Live?
The Weekend Wall Street Journal has a story about the (non) state of the estate tax, and whether people will be killing off their rich relatives at the end of the year. WSJ: Too Rich to Live?
Welcome to South Florida, LeBron — Some Tips on How to Establish Domicile
The sports world is a-twitter (as is Twitter itself), about the news that LeBron James is coming to play for the Miami Heat. In the days leading up to the decision, there was much discussion about how much he would be paid in Miami vs. Cleveland. Because Florida does not have a state income tax… Read More
NY Times Article on Billionaire Dying without paying Estate Taxes
I’m taking a break from my review of Michael Jackson’s Trust to highlight an article on Dan Duncan, the first billionaire to die in the year with no estate tax. I wrote about Mr. Duncan back ini April, and now the New York Times has picked up the story two months later. See New York… Read More
An in Depth Review of Michael Jackson’s Trust — Part 2
Today I continue my in depth review of Michael Jackson’s Trust. Part 1 is here, and you can download a full copy of the Trust here. Today we start talking about the real meat of the trust — the dispositive provisions. In other words, who gets what? Article Three of the Trust provides that upon… Read More
An In Depth Review of Michael Jackson’s Trust – Part 1
I don’t want people to think that I’m obsessed with Michael Jackson. I’m not. However, I am very interested in proper estate planning, and I think that others should be too. The Michael Jackson case is useful because it can show “ordinary” people what to do and what not to do with regards to their… Read More
Michael Jackson’s Revocable Living Trust Posted
I must have missed the news yesterday, but thanks to Julie Garber’s Wills and Estate Planning Blog I found out that Michael Jackson’s Revocable Living Trust was posted yesterday at the News of the World site. Â As I have previously written, MIchael Jackson had a “pourover” will that was filed with the Court back in… Read More
Download complete Michael Jackson Trust here
I have compiled the complete copy of Michael Jackson’s Trust here.
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