Estate planning attorneys will always advise clients to be aware the realities of probate. It can seem as though executing a last will as your primary vehicle of asset transfer is the simplest and most efficient solution. However, you would do well to understand the fact that your estate must be probated when you use a last will to direct future asset transfers. One of the unappealing aspects of probate is the fact that there are costs that go along with it. Probate is a legal proceeding and … [Read more...]
The Estate of Ed Koch
The former mayor of the city of New York Ed Koch died on February 1st at the age of 88. He actually served three terms as the mayor of the city after serving as a member of the United States House of Representatives. More often than not you can learn something about estate planning when you examine the estates of famous individuals who passed away. In the case of Ed Koch you see how your financial legacy can be ravaged by estate taxes. The federal estate tax is obviously applicable in all 50 … [Read more...]
Ray Manzarek’s Legacy
It is useful to consider your legacy as you are living your life and when you are planning your estate. Yes, you can leave behind financial resources to your loved ones, and you should arrange for this in a careful and intelligent manner. However, you may also want to think about how you will be remembered. Recently the keyboard player from The Doors, Ray Manzarek, passed away. He had been suffering from cancer and he finally succumbed at the age of 74. As a musical legend Manzarek was able to … [Read more...]
