Steve Fossett, the adventurer who disappeared while in flight over Nevada’s desert, may have finally been found in California. The disappearance raised probate issues (What is California Probate?) when his wife petitioned the probate court to declare him legally dead and to probate his will (What Will Happen If I Die Without a Will?). [...]

Filed under: Estate Planning of the Rich and Famous, Probate, Probate Litigation | No Comments »

Heath Ledger’s daughter Matilda will apparently inherit his entire $16.3 million estate. The actor executed a will (What Are the Advantages of a Will?) that left nothing to his daughter, but left everything to his parents and three sisters. Those family members have allegedly gifted those distributions to Matilda.

Filed under: Current Events, Estate Planning of the Rich and Famous, Probate, Probate Litigation | No Comments »

Now that the big accounting firms have been stung by IRS investigations, indictments, and convictions of the promoters of off the shelf tax shelters (like the POPS, PICOs, and FOCUS of Arnold and Porter), they have largely stopped offering speculative “investments” and offshore asset protection trusts. Now “a few smaller accounting and regional law [...]

Filed under: Asset Protection Trusts, Estate Planning - Generally, Estate Planning of the Rich and Famous, Offshore Trusts, San Diego Estate Planning, Tax, Trusts | No Comments »

When you write a will, your estate becomes vulnerable to probate litigation (as opposed to a living trust). When you are related to the Godfather of Soul, there are many, many reasons (read: dollars) to litigate over a contested stake. Elvis Presley’s estate earned $49 million last year; John Lennon’s took in $44 [...]

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A California conservatorship, or probate conservatorship, may be brought on behalf of a person, an estate, or both. The person appointed is called the conservator.
Conservatorship of the Person: A conservatorship for a person (called the conservatee) is proper where that person is unable to properly provide for his or her personal needs for physical health, [...]

Filed under: Estate Planning of the Rich and Famous, Probate, Probate Litigation, Will Contests | 1 Comment »

An article by Smart Money highlights 10 Things Millionaires Won’t Tell You, and here are some of the highlights:
The first is that the millionaire club is not as exclusive as it once was – nearly 10 million households qualify – double the number of 2002, largely due to inflation.
The average GPA of [...]

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Heath Ledger executed a will in Australia and afterwards he had a child, Matilda. Because Matilda was not included in the will, in some jurisdictions it is possible that she could be excluded from receiving anything from Ledger’s estate. Matilda’s claim to the estate (and the total she stands to lose) is worth [...]

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The New York Probate and Estate Litigation Blog reports that “[t]oday’s New York Times reports that the late Leona Helmsley has left a mission statement in connection with a testamentary trust valued as high as eight billion dollars. In it, she directs that virtually the entire fund be applied to the welfare of dogs.

From [...]

Filed under: Charities and Charitable Giving, Current Events, Estate Planning of the Rich and Famous, Trusts, Wills and Trusts | No Comments »

Trusts & Estates Prof Blog Writes:

“Under current law, there will be no estate tax for individuals who die in 2010. Accordingly, some wealthy individuals may plan for their demise to occur during 2010.

The following is from Stephen Moore, Death by Taxes: Seniors May Plan Their Demises to Maximize Their Bequests, Wall St. J., [...]

Filed under: Estate Planning - Generally, Estate Planning of the Rich and Famous, Estate Tax, Gifts and Gift Tax, San Diego Estate Planning | No Comments »