Last week, the world was in shock when news broke about the sudden and unexpected death of pop icon, Prince. Prince died at his residence in Minnesota at the young age of 57.
As some mourned by flooding the internet with his greatest hits, others wondered about his estate. Prince had no known children, no current spouse, and no living parents. This leaves us all wondering: Who will receive his assets? Did he have proper estate planning in place?
You may leave money or assets to a non-profit organization by means of a charitable trust or will. People leave assets to all types of nonprofits like hospitals, animal shelters, religious organizations, etc.
Estate Planning and an Ironman event…what does one have to do with the other you ask? EVERYTHING!
As a proud wife of a first-time Ironman and an elder law attorney, I can explain.
Step 1: Hire a Coach
*This article has been re-posted with permission from the author Harry S. Margolis.
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
Here are some do’s and don’ts to get you started:
Millions of people use computers to conduct business and interact socially, and for general communications. Many of those computer users are registered in some way on dozens of websites, including social media outlets such as Twitter, LinkedIn, Instagram, and Facebook…
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
Case study:
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works.
Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?
There is a common expression we hear a lot "penny wise and pound foolish," but we rarely hear it being used by a state supreme court justice to describe a situation that could have been avoided. Since we live in…
God forbid but is your family prepared? Here are five things you should do and set a deadline -- like February 14th! 1. Create an estate plan. Figure out why you have been procrastinating and conquer your fears. If you need an…