It’s the beginning of the year, which means that we all have well-intended New Year’s resolutions. The diet, the exercise regimen, saving money…and finally doing our estate and financial planning. The celebrity stories in Trial & Heirs: Famous Fortune Fights! can help motivate you to actually do your planning this year. Really!
Trial & Heirs: Famous Fortune Fights!
Here are some of our easy-to-use estate planning tips for the new year:
1. Get your financial affairs organized this year. Create an “asset” list, including the account numbers, names of financial institutions, and related information for your insurance, stocks, bonds, CDs, securities, bank accounts and other investments.
2. Store your asset list and your estate planning documents in a fireproof box, safe, or safety deposit box. Remember to make sure that your loved ones can find and access these documents! We have an Estate Planning Organizer to help you with this. Just email us at firstname.lastname@example.org if you want to learn more.
3. Review and update your estate planning documents Read more...
Access Hollywood featured a segment about the Britney Spears Conservatorship. The show examined how the successful entertainer can headline a new multi-million dollar Las Vegas show and mentor young singers as an X Factor Judge, yet not be deemed competent enough to manage her basic life decisions like food, clothing and shelter.
Danielle and Andy Mayoras of Trial & Heirs served as experts for the segment. After watching the segment, what do you think? Does Britney Spears still need the protection of a conservator — almost six years after the legal proceeding started — or is this all about the money? Watch Access Hollywood’s segment on the Britney Spears Conservatorship:
Access Hollywood. Dec. 19. 2013 – Short clip from Trial And Heirs on Vimeo.
By Danielle and Andrew Mayoras, co-authors of Trial & Heirs: Famous Fortune Fights! For the latest celebrity and high-profile cases, with tips to protect yourself, your loved ones, and your clients, click here to subscribe to The Trial & Heirs Update. You can Read more...
William Davidson and Melvin Simon had a lot in common. Both were billionaires and both were Jewish. Simon built his fortune through the country’s biggest shopping mall company, Simon Property Group, and Forbes estimated his net worth at $1.3 billion. Davidson led Guardian Industries Corp., one of the world’s largest glass suppliers, and had a fortune recently tabbed at $4.5 billion.
They also each owned NBA franchises in the midwest. Davidson owned the Detroit Pistons (yeah!), while Simon co-owned the rival Indiana Pacers (boo!) with his brother, Herbert Simon.
Both men died last year, with Davidson passing away at age 86 in March and Simon passing in October, at age 82. And both were survived by spouses as well as children from prior marriages.
And, in both instances, the spouse and the children from the prior marriage did not see eye to eye. Because of that, both the Davidson Estate and Simon Estate are mired in lawsuits about the true wishes of the beloved billionaires.
In Davidson’s case, there are Read more...
Danielle Mayoras was recently quoted in this interesting article by the Detroit Free Press about the growing epidemic of exploitation of the elderly. It discussed a very sad case where a daughter took hundreds of thousands of dollars from her elderly mother and now is in jail saying the money is gone and she can’t return it.
This is one example of how more and more families are facing the devastation caused by exploitation of elderly loved ones, often by a family member or caregiver.
So how do families protect their golden seniors, whose lifetime of savings can often be a tempting target for desperate or unethical people? There are no magic answers, but here are a few Trial & Heirs Tips that we provided to the Detroit Free Press which ran next to the newspaper story:
1. Get expert advice. Consider consulting an estate lawyer who will know the ins and outs of estate planning. It’s usually money well spent.
2. Beware of Joint Accounts. When you add Read more...
It’s been seven months since the King of Pop died suddenly at the age of 50, and fights surrounding his estate seem like they may last for many years to come. Creditors are coming out of the woodwork, with new ones surfacing on a weekly basis. The latest, a management company, joins a series of business, medical and spiritual advisers and others who insist they are owed money, totaling more than $20 million, already. That total will certainly climb.
The estate co-executors, John Branca and John McClain, have to sort through the requests for money and try to determine the legitimate ones from the ones that are, well, more fiction than fact. It’s common when someone wealthy and eccentric passes to have all sorts of people saying they are entitled to money. (Jerry Garcia, James Brown, and Marlon Brando are a few notable examples that we cover in Trial & Heirs: Famous Fortune Fights!).
One of the more interesting requests is from Michael’s father, Joe Jackson, who wants $15,000 Read more...
Who got the money? Who had the biggest family feuds? The mistakes that were made — and what we can learn from them. Two legal experts in estate planning and the authors of Trial & Heirs have the scoop.
If the recent and sudden death of Michael Jackson taught us something – other than the side effects of too much prescription medication – it’s the importance of a will or trust. Wills and trusts are taboo topics. We’re usually far more inclined to talk about Botox injections or mammograms than how we plan to divide our assets. But (and sorry for speaking so morbidly) once you’re dead, it’ll be far too late to finally address it. That’s why regardless of your age and health (Jackson was 50 and about to go on tour), it’s important to have a proper will — not just for your peace of mind, but for your family’s peace of mind too.
In addition to the King of Pop’s highly publicized estate battles, here’s a glimpse Read more...