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trust Tag

Major Estate Planning Mistakes by Celebrities

Prepared Family

Because of some very obvious and egregious mistakes made by famous celebrities with respect to Estate Planning, all of us can learn and benefit and make sure that we eliminate these mistakes in our own planning.Actor James Gandolfini, best known for his role as Tony Soprano on the hit TV series, died at the age of 51 in 2013, The Gandolfini Estate Plan was based on a Will rather than a Trust.  Accordingly, his private affairs became public because of the Probate process.  His failure to remove any of his assets from his Estate will result in a 40% estate...

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Is An Attorney Necessary For Trust Administration If Everyone Agrees?

It is common for people to feel that if they have a revocable living trust, they will not need an attorney during trust administration since the trust will tell them everything they need to do with the assets, especially when all of the beneficiaries agree how assets are to be divided.  In my experience, this is rarely true.  Here you will find some of the pitfalls of attempting trust administration without the help of a competent estate tax attorney. Notification Often the successor trustee (person responsible for administering a trust after the death of the trust makers) thinks the trust document will...

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Charitable Giving Through Prepared Trusts

You Can’t Take it With You (But you can control its course) Bill Gates famously noted that philanthropy should be voluntary. We are all philanthropists; we choose to be either voluntary philanthropists and direct our assets to our favorite charities, causes and people, or to be involuntary philanthropists and pay taxes for distribution through government programs. We would like to make the case that voluntary philanthropy is the way to go.Our government recognizes that individuals are in the best position to foster effective giving. It encourages charitable giving by offering tax breaks and other incentives, and this affords a savvy planner...

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Trust Beneficiary Basics

family gift

How Do I Know If I Am a Trust Beneficiary?  You are a trust beneficiary when you are named in a Trust as a person who will receive or may receive a distribution of cash or assets from the Trust.  Often, if you are a beneficiary, the trustee or another person administering the trust will contact you to tell you that you are a beneficiary.If a close relative has died, and you believe that you may be a trust beneficiary, it is appropriate, after a reasonable period of time has elapsed, to inquire about your relative’s estate planning documents.  Often,...

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