Fashion designer Oscar de la Renta died last year at age 82. He left one son, Moises de la Renta. He also left behind his second wife, Annette, and her three children from a prior marriage. One might expect Oscar to leave a substantial sum to his only son, Moises. However, Oscar chose to leave most of his $26 million estate to his second wife, Annette. Moises is one of the beneficiaries of a trust with less than ¼ of his estate. The other beneficiaries of that trust are Annette and her three … [Read more...] about Disinheritance Done Properly
Sometimes, estate planning attorneys deal with some unusual items. Our clients have collections of items, like baseball cards, books, or dolls. Some of these items can be quite rare and valuable. Other times, the items may not have significant monetary value, but they may have great emotional value due to the connection with the individual and their past. There are two ways to handle these items in an estate plan, if the items are tangible personal property. First, they simply may be listed on … [Read more...] about Strange Inheritances
Given the rapid aging of the population, attorneys who focus on estate planning and elder law are certainly in the right place at the right time. There should be no shortage of prospective clients for estate planning and elder law attorneys in the coming years. Baby boomers are reaching retirement age, with around 10,000 people applying for Social Security every day. This volume of applications is expected to continue for about the next 20 years. By 2030 there should be nearly twice as many … [Read more...] about Opportunities Booming for Estate Planning Attorneys
When it comes to passing on wealth to the next generation, people seem to fall firmly into one of two camps: either they want to leave all the riches they’ve accumulated during their lifetimes to their children, or they adopt the worldview that inherited wealth, in and of itself, is not necessarily a good thing. The philanthropists who signed the Giving Pledge this summer tend to fall into the second camp. Through the Pledge, Bill Gates and Warren Buffett invited the wealthiest Americans … [Read more...] about Inherited Wealth: How Much is Too Much?