How Much is Gloria Vanderbilt's Estate Really Worth?
Shortly after Gloria Vanderbilt's death in June, news sources speculated her net worth to be around $200 million, but the "massive fortune" turned out to be a fraction of that. Vanderbilt's will stated that her son from her second marriage, Stan Stokowski, would inherit her co-op in Manhattan, valued... »
Infographic: 2019 Survey Shows Only 4 in 10 Americans Have a Will
Some may avoid end-of-life planning due to fear of death, but for the majority of Americans, it's pure, old-fashioned procrastination, like failing to floss. Well-put by estate planning attorney Michael Hackard, “Most Americans will admit that fast food is bad for your health, but according to the Centers for... »
Video: How Should We Store and Locate Our Documents?
Your documents are no good if your beneficiaries can't find them. It's important that you leave behind instructions for your fiduciary to find your documents, and advisable to keep one set with your... »
Aretha Franklin Goes from No Will to Three
Formerly reported to have left no will for her $80 million estate, upon cleaning out the Queen of Soul's house, not one but three wills were found, and all were almost undeciferably handwritten. One will dated June 21, 2010 and another dated October 20, 2010 were found in a... »
Tom Petty's Daughters Claim Deprivation of Their Rightful Assets
When Tom Petty died on October 2, 2017, two weeks before his 67th birthday, he left a trust, Petty Unlimited LLC. It was set up to equally divide his assets between his two daughters, Adria Petty and Annakim Violette Petty, and his widow, Dana York Petty. So what's the... »
The Importance of Life Insurance: 3 True Stories
Life insurance is not one of those things you can go back and get after the fact—and you may be surprised to learn that the “fact” isn’t always death. Here are three true stories about the importance of not delaying your purchase of life insurance.   Life Insurance Premiums Increase with... »
How to Undo an Irrevocable Life Insurance Trust
So you took our advice and decided to form an Irrevocable Life Insurance Trust--then your situation changed and you want to change the beneficiary.  As the name indicates, an irrevocable life insurance trust’s terms cannot be amended after it is created. In the State of New York, “irrevocable,” means that... »
Exploring the Irrevocable Life Insurance Trust
In our article 5 Roles of Life Insurance You May Not Have Considered, we addressed the role that life insurance can play in an estate plan. This article explores a common vehicle which both excludes the proceeds of the insurance from your taxable estate and also ensures the proceeds are used... »
5 Roles of Life Insurance You May Not Have Considered
Life insurance can serve different purposes for different people. Sure, number one--providing for your loved ones--is pretty straightforward. But there are other roles life insurance plays and reasons why avoiding it can cause confusion and even lawsuits. Here are five benefits of life insurance: 1. To provide your loved ones with immediate liquidity... »
Probate vs. Non-Probate Assets: What's the Difference?
A lot of people assume that their will dictates what happens to all of their assets, and that's not the case. Your plan can be disrupted if you don't understand the difference between probate and non-probate... »
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