The matter of the Sherman Hemsley estate has been playing itself out for months, and we have been passing along updates as they have become available. We are happy to be able to report that we now have closure in this case. The probate court in El Paso, Texas has decided that the last will that was executed by Hemsley leaving everything to his longtime close friend and confidant Flora Enchinton is indeed valid. The difficulties were brought about by the contentions of a Philadelphia …
Taxable Value of Home Can Be Reduced
In 2013 the estate tax exclusion is $5.25 million. You have to understand the fact that this figure includes the value of your home, so right off the bat you are going to be left with considerably less to work with if you are a homeowner. Many people would be able to stay within the estate tax exclusion amount if they could somehow reduce the taxable value of their homes. There is in fact a solution for these individuals in the form of qualified personal residence trusts. When you fund …
Married Couples Should Understand Portability
The word "portable" is defined as "Able to be easily carried or moved." In estate planning the term has been borrowed to describe transferring the estate tax exclusion that was afforded to a deceased individual to his or her spouse. Until 2011 the estate tax was not portable, and some critics felt as though this was not justifiable. They make a good point because in most cases both the husband and the wife contributed personally to the accumulation of their shared wealth. Since two …
Trust Terms: You Have Options
As a person who is making preparations for the future you probably have various different unique individuals on your inheritance list. Invariably they all have their own respective strengths and weaknesses. Those who are in a position to leave behind large sums of money to family members have a lot to take into consideration. Not everyone is a good money manager, and there are those who have personal problems. There also may be younger people on your inheritance list who simply have not …
Beware of Improperly Executed Last Will
The possibility of a contested will is something to take into consideration when you are planning your estate. These days there are a lot of websites all over the Internet claiming that it is easy to draw up your own last will using a download or a worksheet that they will sell you. You would do well to take pause before buying into these ideas because of the possibility of an improperly executed last will. A last will that has not been properly executed under the laws of the state of New …
Confidential Agreement Reached in Kinkade Case
From time to time we highlight a celebrity estate planning case in an effort to underscore some of the things that you can do right, and some of the things that you can do wrong when you are planning your estate. With this in mind we passed along some news about the disputed estate of the painter Thomas Kinkade in a previous blog post. A dispute arose between Amy Pinto-Walsh, the woman that Kinkade was in a relationship with at the time of his death, and Nanette Kinkade, the wife of the …
Former Television Stars Receive Unexpected Bequests
There was recently a story trending throughout the media that is relevant to the field of estate planning. The situation that we are going to share is not necessarily all that instructive, but it is definitely interesting. Back in the late 1970s the Lucan television series aired for one season, starring a fellow named Kevin Brophy. The show had at least one fan: An Illinois man named Ray Fulk. Fulk was apparently also fond of the soap opera The Young and the Restless during the late 80s …
Federal Estate Tax & Married NY Same-Sex Couples
The passage of the New York Marriage Equality Act back in 2011 had some profound implications from an estate planning perspective. Here in New York we have a state estate tax, and in 2013 there is a $1 million exemption. So, assets that you have that exceed $1 million in value are taxable as you are transferring them to your heirs. However, there is an unlimited exemption between spouses. As a result, same-sex couples that are legally married in the state of New York can take advantage of …
INHERITANCE PLANNING: WHAT IF SPOUSES CAN’T AGREE?
Even if your love for your spouse knows no bounds, you and your partner may not agree on everything. Different people can adopt different perspectives when it comes to estate planning, and you may have certain ideas while your spouse has others. If you are married and you can’t come to an agreement with your spouse with regard to the proper course of action when you are planning your estate you could consider entering into a post-marital agreement. Everyone has heard of the premarital …
What Is a “Wait a While” Trust?
There are multiple different types of trusts that can be utilized to great advantage when you are planning your estate. They serve different purposes, with some of them being designed to provide tax efficiency. One of these is the charitable lead trust. A non-grantor testamentary charitable lead trust is sometimes called a "wait a while" trust. These devices are rather complicated, so the best way to learn about them is to consult with a licensed estate planning attorney in person. You can …
Larry Hagman Foundation & Legacy Planning
Fans of television during the 1960s through 1980s certainly remember the impact that Larry Hagman had on the entertainment industry. The legacy of the actor, who died on the day after Thanksgiving at the age of 81, will live on through his extraordinary body of work. Hagman first rose to stardom via the character Anthony Nelson in the I Dream of Jeannie sitcom. Subsequently he landed the role of J.R. Ewing in the dramatic series Dallas, and he captured the imagination of the masses as this …
Unusual Estate Tax Case Finally Resolved
The esteemed art dealer Ileana Sonnabend passed away in 2007. At that time she was in possession of an art collection valued at around $1 billion. When you consult with a local Long Island estate planning attorney he or she will emphasize the impact that the estate tax can have on your legacy. This case gives you an idea about just how severe it can be. The children of Ileana Sonnabend had to pay out $471 million to cover estate taxes on both the federal and the state level. It would be …
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