Tag Archives: wills

Finally a Settlement for James Brown’s Estate?

James Brown was known as the Godfather of Soul, Mr. Dynamite, the King of Funk, Soul Brother #1, and the Hardest Working Man in Show Business, but it seems that settling his estate may end up being the hardest working legal battle in show business. (This image, by dbking, is licensed under Creative Commons Attribution 2.0 License) Brown died on December 25, 2006 of congestive heart failure and complications from pneumonia. Every since then, his estate has been awaiting a settlement. Brown’s will spelled out the dispersion of his music rights, business assets, and real estate. When his attorney Strom … Continue reading →

Bypass Trusts

First, I have to say, I love the lawyer I found to do mine and my husband’s wills. I highly recommend finding a good lawyer yourself to do your estate planning. Paying for good legal counsel to write up your will, is worth the money. Ask around your neighborhood, I am sure someone has a good recommendation. What impressed me about our lawyer was his advice, which I hope to also share with you. The key when making a will is to ensure you have covered all the basics of your current situation, and included sections that will cover changes … Continue reading →

Estate Planning

Estate planning should be a continual process, always evolving as your life changes. Ideally, you should review your plan yearly and every time you undergo a major lifestyle change. One such event is a change in martial status. Since marriage is a legal union, it comes with an assortment of financial changes and rights as well. With a new marriage, benefits such as Social Security, veterans, pensions, and retirement accounts will change. In addition, depending on the laws in your state, your assets and liabilities will also merge. Before marriage and shortly after is a great time to review your … Continue reading →

Do you Need a Power of Attorney?

Most people envision a power of attorney as something you designate on your deathbed. Actually, this is the worst time to attempt this decision. When my husband and I completed our wills, the lawyer also had a file the paperwork for the power of attorney. My first thought was why? As my husband, can’t he already access all our bills and accounts anyway? Not completely… any joint assets like a house can’t be sold without the consent of both parties. Imagine a scenario where you were in an accident, unable to respond, and the bills were stacking up. Your spouse … Continue reading →

Leona Helmsley’s $12 Million Bequest to Her Dog

As I often do when I eat breakfast, I watched the Today Show this morning. I tuned in right as Ann Curry interviewed a lady from Court TV about the late Leona Helmsley bequeathing $12 million to her Maltese, Trouble. I guess the big hoopla has to do with the fact that not only did she specifically not leave anything to two of her four grandchildren, but she either didn’t leave a dime to her 12 great-grandchildren or what she did leave was ridiculously small compared to the largest bequest she made –the $12 million to Trouble, who at eight-years-old … Continue reading →

Disability Insurance is a Must

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When my husband and I went to set up our first will, the family lawyer told us an interesting and scary fact. As a young to middle-aged individual, you are significantly more likely to become disabled than die. So, there we were making arrangements for the unlikely death of one of us, and actually gaining a valuable lesson. While wills and life insurance are important, statistics tell us that disability insurance is where we should put our most dollars. If you have a decent emergency savings, the most important next step is to invest in long term disability. This can … Continue reading →

Do You Have a Will?

A horrible thing happened to a friend of mine. Her husband’s best friend died suddenly of a heart attack. He was only 40, active and slim. There was no heart disease in the family. It was a shock to all, one that put fear in our hearts and sent many to the doctor for a physical. Unfortunately, you just never know when disaster will strike. This is why people pay loads of money for insurance, they hope to never use. What is surprising is while most families carry home, car, and life insurance, they don’t bother to have a will. … Continue reading →

Anna Nicole’s Law School Legacy

Anna Nicole Smith’s roller coaster ride through stardom has been constant fodder for the media, but now the former Playboy Playmate’s life (and death) is serving a greater purpose… at law schools around the nation. While most of us were reading about Smith’s turbulent life as we waited in the check out line at the grocery store, students of estate law were following her legal battles as part their class curriculum. Smith’s lengthy, widely publicized legal feud with the family of her late husband, Texas oil tycoon J. Howard Marshall II, over his estate is chronicled in the textbook, “Wills, … Continue reading →

Writing down your wishes

Everyone should have a will. Sorry if I sound morbid this morning. Even if you are really young, or in great health, or won’t be dying for years and years yet, I still suggest you make up a will. If you have children, it is irresponsible not to have one. If you’ve been re-married and have children outside of your present marriage, you are doubly irresponsible if you don’t have a will. If you die before your spouse, and do not leave a will, it is very likely that your spouse will inherit everything, leaving nothing to your children. Not … Continue reading →