Your Child is Turning 18 – What Does it Mean?
The law, in most instances (with the notable exception of consuming alcohol), views an adult as one who reaches age 18. As any parent knows, most 18 year olds are not mature enough to make important decisions without the guidance of a parent or other adult. Yet, what most don’t realize
Estate Planning Lessons from a Mob Boss (Part 2)
Last week we were discussing Soprano’s actor and New Jersey native James Gandolfini, more specifically his will and estate plan which has been the subject of much comment . Some experts have said he created an estate tax mess for his family. Is that really true? The answer is maybe, maybe
Estate Planning Lessons from a Mob Boss
Estate planning is not a favorite subject for most. Who wants to think about what happens if I die? But, when the rich and famous die, such as Soprano’s actor, James Gandolfini did earlier this summer, it becomes a hot topic, at least for a short while. Gandolfini’s estate is estimated
HOW EDNA’S ESTATE PLAN COULD DESTROY HER FAMILY
Last week we were discussing how Betty’s estate plan actually destroyed family harmony. This week I’ll share with you Edna’s mistake, one that I see so often. Edna has 3 children, all of whom she loves equally. She came to see me because she wanted to discuss her will. She
How Betty’s Estate Plan Destroyed Her Family
If I have a will does it mean my wishes will be carried out and my property will distributed exactly according to my instructions? Not necessarily. That’s because not all property is probate property, automatically passed by way of a will. And when things don’t work out the way everyone
What Michael Jackson and Yung-Ching Wang can Teach All of Us
The recent deaths of two wealthy men, one very well known, the other not, illustrates yet again the complications and costs of not preparing an estate plan. The media has focused in the last few months on the story about Michael Jacksonâs death and its aftermath. No doubt we will
Why are Some Wills 2 Pages and Others 20 – The Alternate Executor
Very often, when I prepare wills, powers of attorney and health care directives (living wills) for clients they react with surprise when they see the length of my documents. "Why", they say, "is the will you are preparing 20+ pages when my previous one was only 2?" "The document is