Superstorm Sandy packed a wallop when it struck the East Coast earlier this fall, prompting many people to reevaluate their estate administration plans. In an eerie repeat of Katrina, a significant number of pets were left stranded when their owners evacuated, largely because people had not prepared for the tough decisions that come along with fleeing with their furry friends. Estate planners say that this Read More
BOOMERS’ ESTATE PLANS FOCUS ON MORALS, VALUES
The Baby Boomers want to distribute their estates according to their moral values. This increasing amount of social consciousness has led to a new type of estate administrationthat focuses on ethical practices and values rather than simply financial need, according to experts. Boomers want to make sure that their personal values are maintained as they pass down their assets. This has led to a significant increase in Read More
HOW SHOULD YOU SELECT YOUR ESTATE’S EXECUTOR?
Choosing an executor for your estate can be a challenging assignment; after all, who do you trust most to distribute your assets among relatives and other beneficiaries? Experts say people considering their executor options should be educated about the exact duties this person has during the estate administration process. Executors only step into their roles after your death. In the immediate aftermath of your Read More
REVIEW BENEFICIARY LIST AFTER MAJOR LIFE CHANGES
Building your assets to prepare for retirement is a demanding process, but experts encourage Americans to thoroughly review their beneficiary list before making any major decisions. Estate administration plans rely heavily on beneficiary designations when distributing property. An outdated plan can cause confusion and resentment among surviving family members and friends. Beneficiaries on insurance and financial Read More
FOOD MAGNATE’S ESTATE LOCKED IN CONFLICT
The estate of an Iron Range family's patriarch is under dispute, with the man's children fighting the men in charge of trust administration for his massive wealth. The man, who had been a food magnate in the town, reportedly had a penchant for conflict during his life that has not abated even after his death. Two of the man's children argue that their parents were coerced and manipulated by their financial Read More
TULSA JUDGE RULES IN TRUST ADMINISTRATION CASE
A judge in Oklahoma has levied a massive judgment against JPMorgan Chase for the bank's failure to follow trust administration protocols for the estate of a 1900s oil baron. The granddaughter of the man had been benefitting from the trust, which was reportedly mismanaged by the financial behemoth. JPMorgan has been ordered to pay $18 million. A Tulsa County judge reportedly found that the organization had been Read More
ETHICAL WILLS: GIVING YOUR LOVED ONES AN EMOTIONAL GIFT
When you think of a will, you probably consider that it will distribute financial assets such as land holdings, jewelry and other valuable goods. That notion of estate planning is quickly being augmented by a new movement in will execution, which demonstrates that more Baby Boomers are interested in passing on a different kind of legacy to their heirs. Those retirees are looking to hand down their life stories, Read More
$40 MILLION CHARITABLE GIFT FROM WOMAN’S ESTATE UPHELD BY COURT
A Florida court has rejected estate litigation challenging a $40 million charitable gift made by the estate of a deceased female philanthropist. She indicated in wills and trusts that this amount from her accumulated fortune should be given after her death to the Community Foundation of Broward to add to its existing $100 million endowment. The foundation will use $7 million of the funds each year to award grants to Read More
LAWYER: WOMAN COERCED, LEAVES ESTATE TO NURSING HOME
A private lawyer and a nursing home are locked in a probate litigation battle surrounding the estate of an 84-year-old patient who died in 2010. Attorneys for the family are accusing the nursing home of coercing the woman into donating her estate to the establishment instead of leaving her assets to beloved family members. Information released in connection with the case show that the woman had not updated her Read More
CONSIDER TRUSTEES CAREFULLY, TRUST EXPERTS SAY
One of the most important decisions you can make during your estate planning process is who will oversee the trust after your death. The person you choose as a trustee or fiduciary will be responsible for interacting with your loved ones, distributing funds and managing trust assets according to your wishes. This person should be reliable, congenial and responsible, according to experts. You should evaluate the Read More
