What happens when you own a piece of real property with another person or people – be they family members, friends, or even strangers – and you have differing views about what to do with it?
When a person dies intestate (without a valid will stating to whom the decedent’s property is to be distributed) in Tennessee, property can be divided multiple ways depending on the number and types of heirs-at-law, the type of property ownership involved, and whether the decedent has any valid debts. Many factors are involved which is why it is essential to understand your intestacy rights under Tennessee law when a spouse, parent, or other family member dies without a valid will.
There is an ever-present concern for providing the next generation with the right tools for success. While parents do their best to impart their own financial wisdom upon their children, some individuals require extra help. In terms of estate planning, this concern creates an additional need that is separate from personal asset protection and instead focuses on implementing strategies that protect intended beneficiaries from themselves.
In a recent bulletin, the IRS issued Revenue Procedure 2017-34 which outlines a potential opportunity for certain taxpayers to obtain a time extension for those seeking to make a “portability election.”
Following the December 2016 death of “Growing Pains” actor, Alan Thicke, tensions have risen between his loved ones concerning his estate, and the validity of a 2005 prenuptial agreement with his third wife. In a petition filed in May in Los Angeles County Superior Court, Thicke’s sons, Robin and Brennan, requested guidance regarding distributing their father’s trust property and the legitimacy of any potential claims from his widow, Tanya Callau Thicke, about the prenuptial agreement. Callau Thicke recently responded through a reported filing in early July. It seems that the legal battle is just getting started.
We have all been witness to the probate headache accompanying the unfortunate death of the late musical mastermind, Prince, as the result of his passing without a will. While the process has taken over a year, in early May, Judge Eide ruled that Prince’s sister and five-half siblings were the heirs to his multi-million dollar estate. Underlying issues, however, remain unresolved.
Trusts can be used for different purposes, including probate avoidance and asset protection. We are often asked about how and when to fund a trust.
A recent developing story involving Stanley Chais, a friend of the infamous Bernie Madoff and participant in Madoff’s Ponzi scheme, outlines the potential perils that can plague an estate administration involving a bad actor. Stanley Chais’ estate is the subject of a recent settlement in California which, pending approval from a New York federal bankruptcy judge, is expected to provide approximately $15M in restitution to California’s attorney general and over $250M to a trustee recovering funds for Madoff’s victims.
Now that the GOP and Democratic conventions are over and the general election campaigns are in full swing, Americans will soon decide on a new president. Many political commentators have noted that the stark differences between the presidential candidates and their platforms have never been greater in any presidential election in modern American history. While…
The Importance of Titling Your Assets in Estate Planning The Tennessee Court of Appeals’ recent decision, In Re Estate of Calvert Hugh Fletcher, highlights the importance of titling assets. This case involves a joint checking account with rights of survivorship established by a married couple, the Fletcher’s, after they refinanced their home mortgage. After depositing…