Jimmy Buffett’s widow and co-trustee of his trust, Jane Slagsvol, and his longtime financial advisor, accountant, and co-trustee of his trust, Richard Mozenter, have filed suits to remove each other as a trustee. The trust estate is worth an estimated $275 million dollars (which includes...
The last will and testament of Frank Fritz (who was a star on the popular television show “American Pickers” on the History Channel) has been challenged by his father, Bill Fritz, due to lack of capacity. Frank was a co-host on the show (where he and...
After the passage of the Secure Act a few years ago, planning by naming a trust as a beneficiary of a retirement account (that is not a ROTH IRA) had to be reconsidered. Previously a designated beneficiary (even if the trust is named as the...
Although planning for disability and death should always be considered in estate planning, the potential need for public benefits or loss of valuable public benefits (such as Medicaid or Veterans’ benefits) should not be overlooked. The following are a few examples of what planning options...
Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a 5-year “look-back” period as there is a presumption resources were...
Truth is sometimes stranger than fiction. Kouri Richins (“Kouri”) has been held without bail on charges of criminal homicide, aggravated murder and three counts of possession of a controlled substance (fentanyl) in connection with the murder of her husband, Eric. Based on autopsy and toxicology...
There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust in estate planning. The simple answer is that it depends on the facts, your goals, the type of assets, cost...
While it is often advisable to have a will, there are some things you should not include such as the following: Account information Your accounts can change from the time your will is signed to when your will is probated – even if you think you will...
Although conditional bequests in a will or trust are normally upheld to give freedom that your assets pass the way you want at your death, sometimes conditional provisions are held to be either unconstitutional or void against public policy. The request for a new trial of a death row...
It was recently reported in the Dallas Morning News that Tyler Pride (“Tyler”)”, who is the biological son of famed country-western singer Charley Pride (“Charley”), has contested the Last Will and Testament of his father. Tyler was not born of Charley’s long-time marriage to Rozene...
On Saturday, February 27, 2021, I was a guest on financial advisor Rick Foster’s radio show on 660 AM and he asked the question, “When should an IRA go into a trust?” As a result of this often-asked question, I decided to expand upon this...
The IRS has issued final regulations for Able accounts, a tax-advantaged savings account for those determined to be disabled before age 26, pursuant to the Achieving a Better Life Experience (Able) Act that was passed six years ago. Funds deposited into Able accounts do not risk...
Many trusts do not name corporate (i.e., banks or other financial institutions, etc.) or professionals (attorneys or CPAs) as a trustee. Unlike corporate trustees (which generally charge a percentage of assets held in the trust on an annual basis pursuant to a fee schedule) or professional trustees, trusts...
The federal law called the Achieving a Better Life Experience (ABLE) Act gives some people with disabilities or their families to establish a tax-free savings account that will not count as a resource for Medicaid eligibility (which is “means-tested”). For an adult disabled person who...
When world famous Chanel fashion designer Karl Lagerfeld died on February 19, 2019, it has been widely speculated that a good portion of his estimated estate of more than $150,000,000.00 will be inherited by his Birman cat, Choupette, if proper legal planning was prepared. Lagerfeld...
Although most parents do not want to disinherit a child, sometimes they become estranged for reasons ranging from disrespect by the child to the child doing some sort of criminal act. As a result, sometimes disinheritance becomes logical and needed. The following are a few ways...
Trusts are often a good tool to achieve one’s estate planning. Although this list is not exhaustive, the following are common things to consider: Protect beneficiaries from lawsuits. If properly drafted, a trust created in your Last Will and Testament or in your own revocable or...
Often clients are surprised to learn that their “irrevocable” trust can be changed. There are several ways to make changes to an irrevocable trust including by court order, agreement of all interested parties, decanting (pouring into another trust), or by simply exercising a “power of...
The Department of Veteran Affairs (VA) has announced its 2019 rate increases for certain non-serviced connected disability wartime military veterans, not dishonorably discharged or their surviving spouses to help pay for care costs ranging from being housebound to long-term care costs. However, since these benefits...
Stan Lee, the Marvel Comics co-creator of superheroes such as Spider-Man, Black Panther, Fantastic Four and the Hulk, recently died at age 95 after experiencing a mental decline. Predators such as his caregiver, daughter and business associates all tried to gain control of his assets...
