Beth Shapiro Kaufman of Caplin & Drysdale recently published an article in Estate Planning Magazinerecently published an article in Estate Planning Magazine entitled “United States: Estate Tax Legislation In 2009: Avoiding The Train Wreck.” In it, she discusses the fact that the estate tax is scheduled to disappear next year and come back with a vengance… Read More
Valuation — A Critical Component of Estate Planning for the Wealthy
As I have previously written, the estate tax is imposed upon taxable estates of more than $3,500,000. Any amount over $3,500,000 is currently taxed at the rate of 45%. As an estate planning attorney, my clients generally fall into one of three categories: People whose assets are far below the lifetime exemption People whose assets… Read More
Non-Tax Reasons for Leaving Property in Trust: Control and Protection
In my last couple of posts I explained that if Michael Jackson left assets to his mother Katherine in trust, a trust with certain specific rules, then upon Katherine’s death, those assets would not be subject to the estate tax a second time. If Jackson engaged in proper estate planning, then he could accomplish his goal… Read More
How Michael Jackson and his mother will avoid paying estate tax twice (and how you can too)
In my previous post, I wrote that contrary to media reports, that it was highly likely, if not impossible that the Michael Jackson Family Trust (which has not yet been released) distributed his assets to his mother and his children outright. (Various sites are reporting that the mother “gets” 40%, the three children receive 40%… Read More
Why Assets Should Be Left in Trust -The Estate Tax
In my previous post, I speculated that the published reports stating that Michael Jackson left 40% of his estate to his mother Katherine Jackson, 40% to his children and 20% to charities was not, could not be entirely accurate. Although I have not seen it the Michael Jackson Family Trust document, I am sure of the fact… Read More
Michael Jackson’s Will Filed with Court
Here is the link to Michael Jackson’s Last Will and Testament. The will is what’s known as a “pourover” will. In other words, instead of the will itself disposing of all of his assets directly, it instead transfers all of his assets to the “MICHAEL JACKSON FAMILY TRUST” as amended and restated on March 22,… Read More
Some articles on Michael Jackson and the Probate, Estate Planning and Tax Issues
I’ll write more on this myself as it develops, but here are some articles to check out: Smart Money: Michael Jackson’s Death and Your Estate Plan Reuters: Hello Goodbye: Jackson’s Beatles rights at risk Wall Street Journal: Getting Personal: Jackson Estate a Tangled Affair Business Week: Settling Michael Jackson’s Estate may be a Thriller. At this… Read More
Estate Planning Before, During and After Divorce
Although much of Estate Planning and family law is state law specific, I highly recommend that anyone who is interested in Estate Planning and Divorce to check out a recent radio interview done by Leanna Hamill, an estate planning attorney in Massachusetts. Her blog is here, and the blog post linking to the radio episode is here.
WSJ: Deciding if your kid is “trust-worthy”
Kudos to the Wall Street Journal for letting parents know the importance of setting up trusts for their children upon their death. Generally, if you don’t have a Will, or have one that leaves everything to your minor children outright, then upon that child reaching the age of 18 (or 21 depending on the state),… Read More
NY Times on Adult Adoptions for Gay and Lesbian Couples to Secure Inheritances
Yesterday the New York Times published an article about how gay and lesbian couples are engaging in “adult adoption,” in effect adopting each other, in order to secure inheritance rights to family trusts. In “Adult Adoption a High Stakes Means to an Inheritance” writer Deborah L. Jacobs writes that while it is not necessary to use this… Read More
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