Many New York families have vacation homes. While the reference often conjures up images of the super-wealthy wintering in palacial estates, the truth is that owning a second piece of real estate in a favorite location is not only for the elite. Middle class families who prudently save often decide…
Articles Posted in Wills
Children on Famed Football Coach Challenge Will
The State recently reported on another “will contest” involving a well-known South Carolina family. The story is an example of a very common estate planning problem, disagreement between adult children and a second (or third) spouse. The basics of the family situation are well known. The patriarch, former University of…
Adding Candidates & Political Parties to Your Estate Plan
How should you decide who you should name as beneficiaries in your estate planning documents? For many, the answer is not too complicated: leave it all to the children. However, just because that model is the most common form of passing on assets does not mean that there are not…
Update: Gandolfini’s Estate Faces Huge Estate Tax Liability
Last week we discussed the recently unearthed will of former Sopranos star James Gandolfini. The document was filed with a Manhattan court late last month, with the actor’s assets being left to a wide range of people including his two children, wife, sisters, and several friends. Those earlier reports noted…
Estate Planning Tips from the Stars – James Gandolfini’s Will Filed in Manhattan
Last month many in the entertainment world were shocked and saddened by the sudden death of New Yorker James Gandolfini at the age of 51. His passing from an apparent heart attack is a somber reminder that none of us know for sure what the future holds. This week reports…
Per Stirpes – What Is It?
If you read a bit about estate planning you may come across the term “Per Stirpes.” It is an awkward phrase to say, and there is little reason to use it outside the context of inheritance planning. It comes up when one lays out their inheritance designations, perhaps with a…
Trying to “Woo” Inclusion Into The Will of Heiress Huguette Clark
The New York Times shared a story late last week on developments in the settling of the estate of copper heiress Huguette Clark. It is a reminder of the sensitive nature of estate planning, particularly for those with wealth, and the lengths that all involved parties may go to influence…
Family Claims Women Looking to “Fleece” Estate After Man’s Murder
Earlier this month we discussed the unique estate issues connected to the murder of a wealthy investor named Raveesh Kumra. Mr. Kumra was murdered during a robbery late last year. It has since been learned that the suspects include several men with connections to alleged prostitutes with whom Kumra apparently…
May is “Leave a Legacy” Month
Virtually every month now has multiple awareness labels attached to them as advocates for various causes seek to raise public support for different causes. For example, this month is known in some international circles as “Leave a Legacy” month. Considering that many New Yorkers continue to delay estate planning and…
Die Without a Will? Inheritance May Go to Government
Forbes recently reported on a unique case that illustrates what happens when one fails to conduct any NY estate planning and does not have close heirs to take an inheritance via default intestacy rules. The article explained how a man named Roman Blum died in January of this year. A…