The unfortunate deaths of Anthony Bourdain and Kate Spade highlight the issue of estate planning when separated, but not yet divorced. In both of these tragic celebrity suicides, Kate and Bourdain had separated from their spouses. These cases reveal the complexities that can arise in such cases, when marital estate laws still apply, even though the couples weren't really together anymore as couples.
Actor Alan Thicke unexpectedly passed away from a ruptured aorta in December 2016. Although the actor took the time to build an estate plan intended to provide for his wife and sons, the Thicke family has since fallen into a disagreement regarding the dispensation of the late actor's estate. According to Thicke's widow, Tayna Callau, her stepsons, Robin and Brennan, have been hiding details with regard to her estate dispensation -- which she has yet to receive approximately a year and a half after her husband's death.
When it comes to divulging your estate plans to your children, you might be tempted to keep it a secret -- and you won't be alone. Many parents would rather not have such heavy discussion with their kids. Perhaps you don't want to make your children feel bad by talking about your death. Or, maybe you're worried that your children will react badly to your estate plans and disagree with the way you hope to divvy up your estate.
The billionaire cryptocurrency investor Matthew Mellon was found dead at a hotel room in Cancun only a day before he was supposed to check into a drug rehab facility. The facility said that the man arrived in Cancun with an entourage on a private plane last Sunday, but he never made it to the rehab center.
Just like everyone else who is planning their estates, celebrities know that they "can't take it with them." For this reason, the smartest celebrities create a detailed estate plan that ensures their children are properly taken care of when they're gone. That said, you might be surprised by just how well-taken care of some children of celebrities actually are.
Imagine you're a multimillionaire with a son who has an addiction problem. Imagine you have $700,000 saved in the bank and your daughter is a shopaholic who couldn't save a penny if her life depended on it. In these situations, if you're wondering how to set up your estate plan, you might want to consider a spendthrift trust.
The baby boomer generation expects to leave approximately $30 trillion worth of inheritances to their millennial children over the course of the next three to four decades. If you're a baby boomer, you will no doubt be concerned that your small share of this wealth is appropriately transferred. In this respect, the following five estate planning strategies could assist you with your wealth transfer goals:
Countless Tennessee residents never take the time to create an estate plan, and it leaves their family in chaos after they're gone as potential heirs and relatives squabble over how the estate should be wrapped up and distributed. However, of the more responsible Tennessee residents who finalize their estate plans, it's surprising how many fail to take one vital step that can help ensure the peace and sanctity of their families after they're gone. This vital step involves being transparent with their plans.
Art is your passion. You've been collecting fine paintings for the last three decades, but now that you're coming closer to the end of your life, you're starting to worry about what could happen to your paintings when you're gone -- especially because they've appreciated in value so much since you originally purchased them.
A retired factory worker from the Milwaukee area died after developing advanced dementia at the age of 92. Before his health began to fail, however, the man went to a financial advisor in Mequon to get help with a very conservative retirement investment. During the last several years of his life, he ended up giving power of attorney for medical and health issues to his investment advisor -- who he also made the beneficiary of his two annuities and his estate valued at approximately $1.6 million.