Many will remember the tragic death of Kansas City Royals pitcher Yordano Ventura, who died January 22, 2017 in a single-car crash. While contracts are an important part of professional sports, or any job for that matter, some will be surprised to note that the Royals have not paid the remaining $20.25 million guaranteed to Ventura, whose five-year-old daughter is the sole heir of his estate.
Sometimes it makes more sense to set up a generation skipping trust, particularly if the objective is to reduce the size of tax obligation among family members. This trust does this by directly placing assets with grandchildren and future generations rather than having them go through each successive generation, thus being taxed each time. According to a recent article, those who took advantage of a generation skipping trust saved between 18 and 40 percent on estate taxes, depending on the estate and how much was wealth was transferred.
Many of us have heard the term “Roth IRA” and may even understand that it is a good way to avoid paying unnecessary taxes or avoiding probate. Needless to say, many out there believe that there is a lot to like about this estate-planning tool.
Thinking about contesting a will during probate is a fairly common part of the process for many. Of course, the standing of the objecting party will have a lot of bearing on the matter with children of the decadent ranking much higher than a distant cousin once promised something.
The internet has made it easier to sell or determine the value of collectable objects. Nevertheless, families may have no idea what the value of some old stamps, rare books, comic books or even that vintage car. Perhaps a parent was a little self-conscious about how much they spent on pieces of art, or they simply saw no need to share the monetary value of their vinyl record collection.
The death of a parent or loved one can be a hard and deeply emotional experience. Moreover, it becomes more complicated if there is no will, or one that is poorly written. Experts always advise people to put some real thought into a will and work with an estate law attorney to address issues that go much further than dividing the furniture.
Tim Conway is known for his goofy antics and oddball characters in films as well as on television shows, particularly as a member of the Carol Burnett Show cast. Sadly, the 84-year-old actor now suffers from an advanced form of dementia and lives elder care facility.
The world mourned the loss of Aretha Franklin after her long battle with pancreatic cancer. Despite the fact that she was 76 years old and she knew she had cancer, Franklin left no will for her four children.
Being the executor of an estate is challenging on a number of levels. Oftentimes, the executor is a family member grieving for the deceased, and part of the job is dealing with other family members who are going through their own grieving process. Needless to say, emotions can run high.
The overhaul of the tax system has lowered the rates on some and raised rates on others. It’s much too complex to give sweeping thumbs up or thumbs down for many groups. But an article in Bloomberg has pointed out that a new law doubles the amount of wealth that can be passed to an heir, raising it to $22 million without having to pay estate or gift taxes. As of now, however, there is a window until 2025 where this can be done.