Litigation…a Necessary Evil?This blog often focuses on avoiding litigation; more than one blog has detailed ways to make an Estate Plan “litigation-proof” or at least as litigation-proof as possible. Sometimes, though, beneficiaries need to litigate in order to achieve the goals of the decedent. A recent California appellate case, Smith v. Myers (2024) 103 Cal.App.5th 586, highlights just that. Let’s explore a real-life example of how litigation helped ensure proper implementation of a … [Read more...] about Litigation…a Necessary Evil?
legal education
Now is a Good Time for a Donor Advised Fund
Now is a Good Time for a Donor Advised FundCharitable gifts offer a great opportunity to reduce income tax liability. When a taxpayer makes a charitable contribution, typically they get an offsetting charitable income tax deduction. Unfortunately, that offsetting deduction doesn’t always end up reducing the total tax burden. To take a charitable income tax deduction, the taxpayer needs to itemize their deductions. If the charitable contribution and other itemized deductions don’t exceed the … [Read more...] about Now is a Good Time for a Donor Advised Fund
Pumpkin Kisses and Harvest Wishes
As the cool breeze of October rolls in, it brings with it the season of fall, pumpkin spice lattes, and of course, all things spooky. But as November looms, it’s time to swap out our ghosts, skeletons, and witches for leaves, turkeys, and those delightful cornucopias. Personally, I love this shift from the eerie to the cozy, and this year, I propose a similar transition in our personal lives—going from the terrifying (dying without an Estate Plan) to the wickedly wise (finally creating … [Read more...] about Pumpkin Kisses and Harvest Wishes
Estate Planning: There’s Something Here for Everyone – Part I
I have often heard someone say they "didn’t need an Estate Plan", or needed only a “simple plan” because they didn’t have much in the way of assets, or they only had relatively few beneficiaries. Other potential clients indicated that they didn’t need a plan because they added a beneficiary to all their assets. None of these circumstances means that an individual doesn’t need an Estate Plan. In fact, individuals whose estates are modest, who have few beneficiaries, or who have added … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Estate Planning: There’s Something Here for Everyone – Part II
Recently, this blog examined the benefits of creating an Estate Plan and made the point that while many individuals think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true, see Estate Planning – There’s Something Here for Everyone Part I. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them.Of course, any individual who fails to create an Estate … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
A Message from the Murdochs
Regular readers know that celebrity estates gone wrong often become the subject of this blog. Given the numerous sources that detail the consequences of failed Estate Plans, it surprises me that anyone, let alone a person with any degree of fame, would fail to implement a proper Estate Plan prior to their death. Sometimes, it’s because they died an untimely death and never created the plan or created a convoluted plan. Other times it’s because they neglected to update the plan as family … [Read more...] about A Message from the Murdochs
Tread Carefully with Specific Bequests
Even those individuals who have not yet created an Estate Plan have certain goals in mind regarding their legacy. They may have had conversations with their loved ones regarding what they want to happen, including discussing detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through on a promise to gift a particular asset to a beneficiary. When an individual creates a plan … [Read more...] about Tread Carefully with Specific Bequests
What Independence Day Teaches Us About Estate Planning
Anyone who has seen my house at Christmas knows that it tops the list as my favorite holiday. We deck the halls, make cookies, exchange presents, look at light displays, and revel in the Christmas spirit as long as possible. Christmas in July seems like a great idea except we can’t celebrate Christmas in July until Independence Day has passed! While Christmas is my favorite holiday, the 4th of July ranks a very close second. Now you really may be wondering where I’m headed in this blog dedicated … [Read more...] about What Independence Day Teaches Us About Estate Planning
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Grammy Award winner, Tony Bennett, died on July 21, 2023, at the age of 96. Bennett had a prolific career releasing more than 70 albums and winning over 19 Grammys. He enjoyed a resurgence in popularity late in his career when he partnered with Lady Gaga to release two albums. He devoted his life to music amassing an impressive music catalog, image rights, and memorabilia, along with paintings and artwork. Rolling Stone reported that Bennett earned more than $100 million from live performances … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
Avoiding an Audit
The Internal Revenue Service (“IRS”) recently released its Strategic Operating Plan outlining priorities which include its plan to increase audits on the wealthiest taxpayers. According to the plan, audit rates will rise more than 50% for those with income over $10 million. While this may be unwelcome news for those taxpayers, there are certain strategies that these taxpayers should avoid to lower their chance of triggering an audit.First, taxpayers facing audits need to remember that an … [Read more...] about Avoiding an Audit
