The Althorp Estate, Princess Diana’s childhood home and final resting place, will likely be inherited by her nephew Louis Spencer, instead of her children, Prince Harry and Prince William. The family estate has been owned by the Spencer family since 1508, and it is presently run...
Oscar winning movie star, Gene Hackman, died on February 18, 2025, about a week after his wife, Betsy Arakawa. The couple lived in New Mexico, a community property state. They wed in 1991. Hackman had a large estate estimated to be around eighty million dollar...
For the past several years, we have reported on many ongoing court cases concerning celebrities of their estate planning or court cases contesting their planning. The following are a few of the updates since our previous articles: RUPERT MURDOCH -Murdoch failed in his attempt to...
Famed actress, Shannen Doherty, most commonly known for her television roles in “Beverly Hills 90210” and “Charmed”, got divorced from her husband, successful photographer, Kurt Iswarienko (“Kurt”), hours before her death in California on July 13, 2024. In contrast, Aristotle Onassis planned on divorcing former first...
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...
U.S. Congresswoman Jan Schakowsky of Illinois has proposed a bill that would end Medicaid estate recovery (Medicaid estate recovery is the process to recoup care costs such as nursing home care, care at home, medications, etc.) from the estate of the deceased Medicaid recipient. Typically,...
It is very common for a minor to be named as a beneficiary of a will or trust. However, since a minor is presumed to lack capacity under law until reaching the age of majority, different planning options should be considered. Even when a child...
Irrevocable trusts (including trusts created within a will as well as irrevocable trusts created within a revocable living trust) give guidelines to a trustee as to how distributions are to be made in accordance with your desires. Some prefer mandatory distributions (i.e., trustee must give...
Long-term care Medicaid (the government program that assists in payment of nursing home care and medication) is means-tested. The government looks at an applicant’s assets prior to obtaining eligibility for paying for long-term care. The government (Texas Health and Human Services Commission) also considers income...
The cost of long-term care is great (average is around $7,500/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance to help pay the facility and drugs. It is not unusual for us to receive calls after either a facility...
What happens if you pass and if you named your spouse as the beneficiary of your Will, trust, life insurance policy, IRA or bank account and you never change the beneficiary after divorce? It depends on the state in which you live. In Texas (and...
Although there are dozens of new laws in Texas, the following (in no particular order) are just some that affect estate planning, probate, guardianship and the elderly. Homesteads Held in Revocable Trusts Need Specific Language to Have Homestead Property Tax Exemption and Homestead Exemption for Creditor...
Elvis Presley, the King of Rock n’ Roll, trusted his manager and promoter, Colonel Tom Parker. Maybe he shouldn’t have. Elvis named his trustworthy father (Vernon) who was in poor health and elderly as the executor (without an alternate) of his will. That was a...
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 five year “look-back” period as there is a presumption resources...
It is not unusual for married couples to have a will or trust, joint accounts and/or beneficiary designations whereby the spouse is a beneficiary and/or is a fiduciary (i.e., executor, trustee, agent under power of attorney, etc.). However, if the couple divorces, the fiduciary relationship...
In drafting a will or a trust or in making a beneficiary designation, one of the most common questions that should be asked is “who would be entitled the share of my estate if a beneficiary predeceases me?” When you do not want to name...
Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...
Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...
There are a variety of public benefits programs ranging from taking care of drug costs to long-term care costs to assistance for food and shelter. Although some public benefits programs such as Social Security Disability and Medicare are not “means-tested”, eligibility for most public benefits...
It is not unusual for U.S. citizens to own real estate in their ancestral “motherland” or to live abroad and own real estate in another country. Although Wills created in one state are generally recognized if you move to another state (under the U.S. Constitution’s...
