Posts Tagged ‘Estate’
NBA Rookie of the Year Uses Irrevocable Trust to Protect His Financial Future
We have all read stories of movie stars, athletes, and other celebrities shoved into the spotlight of fame and wealth, only to end up broke after a successful career because they did not plan for their economic future. One good example is former NBA Rookie of the Year Allen Iverson of the Philadelphia 76ers. Iverson,…
Read More500 Years of Generational Success or Shirtsleeves-to-Shirtsleeves: How Long Will Your Legacy Survive?
The fact that family wealth rarely, if ever, survives through more than three generation is a belief that spans the globe and almost all of recorded history. As far back as 2,000 years ago, Chinese philosophy was that “Wealth never survives three generations.” Medieval England put it this way: “Clogs to clogs in three generations,”…
Read More500 Years of Generational Success or Shirtsleeves-to-Shirtsleeves: How Long Will Your Legacy Survive?
The fact that family wealth rarely, if ever, survives through more than three generation is a belief that spans the globe and almost all of recorded history. As far back as 2,000 years ago, Chinese philosophy was that “Wealth never survives three generations.” Medieval England put it this way: “Clogs to clogs in three generations,”…
Read MoreHarry Belafonte Settles Claim Against MLK Estate
April 11, 2014: Lawyers for singer and activist Harry Belafonte and those representing the estate of civil rights leader Dr. Martin Luther King Jr. announced that an agreement has been made that will allow Belafonte to retain ownership of three documents written by Dr. King. The documents were reportedly given to him by Dr. King,…
Read MoreHarry Belafonte Settles Claim Against MLK Estate
April 11, 2014: Lawyers for singer and activist Harry Belafonte and those representing the estate of civil rights leader Dr. Martin Luther King Jr. announced that an agreement has been made that will allow Belafonte to retain ownership of three documents written by Dr. King. The documents were reportedly given to him by Dr. King,…
Read MoreMichael Jackson's Estate Illustrates Importance of Creating the Right Type of Trust
We have previously discussed how important it is to set up a Family Trust to protect your assets and legacy for your heirs. However, choosing the type of trust to create is equally as important, as the heirs to pop superstar Michael Jackson’s estate are finding out. As with other deceased celebrities, such as Jimi…
Read MoreNew IRS Tax Laws Increase Many Trusts' Tax Bills
We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…
Read MoreExploring Myths & Misconceptions About Wills and Trusts
As much as we try to simplify the process for you, it can be difficult to sort through all the confusion about estate planning documents and the probate process. In an article posted on TCPalm.com, Florida Trust Attorney Robert D. Schwartz provides an insightful explanation of common misconceptions about wills and trusts. According to Schwartz,…
Read MoreNew Mississippi Bill to Allow Dynasty Trusts for First Time
The Jackson (MS) Clarion Ledger reported last week that a bill before the state Senate would allow the establishment of “Dynasty Trusts” designed to avoid or minimize estate taxes for the first time. The bill has already passed through the House.1 House Bill 891 has to be approved by the full Senate for the bill…
Read MoreOverview of Virtual Estate Planning System (VEPS)
Our online Virtual Estate Planning System (VEPS) is your portal to securely create, store, update, and share an estate plan that will help protect your legacy and your family for generations to come. The first step of the legacy planning process is to create the traditional set of estate plan documents that will cover the…
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