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If you have sizable assets it is an advantage to be married. If a couple is married they can pass an unlimited amount of money to each other after they die without having to pay a federal estate tax. Bill Gates, Donald Trump, or Warren Buffett could pass all of their billions to their wives if they died and would not have to pay a cent of federal estate taxes.
Posted by Evan Guthrie on 11.4.12 in Articles.
George Lucas, must known for creating the Star Wars and Indiana Jones franchises, sold his LucasFilm company to Disney for over four billion dollars on October 30th 2012. LucasFilm owns the future movie rights for these franchises and as part of the announcement of the deal there was news of Star Wars Episode Seven moving forward with production. Lucas' movie company was founded and solely owned by him since its creation. Many people in the entertainment industry were surprised by the timing and price of the sale, but from an estate planning it makes sense.
Posted by Evan Guthrie on 11.2.12 in Articles.
The greatest estate plan you can make is to spend all of your assets or everything that you own. This is simple and easy to do as you can just have fun until your last dollar and not worry about passing anything on. Some may be forced to do this while others may spend all of their assets by choice. The only problem with this plan is most people do not know when they are going to die and do not want to be broke or have no money. The spend everything plan also does not leave anything to any loved ones.
Posted by Evan Guthrie on 11.1.12 in Articles.
Natina Reed died on October 27 2012 and was best known as a member of the girl group, Blaque, and as an actress in the popular cheerleader movie Bring It On. Reed passed away after being involved in a tragic auto accident after being hit by a car as a pedestrian. She was thirty-two years old at the time of her death. There are many estate planning lessons that can be learned from Natina Reed.
Posted by Evan Guthrie on 10.29.12 in Articles.
Estate Planning: Lessons Learned From Emanuel Steward Emanuel Steward died on October 25, 2012 and was best known as the boxing trainer for world champion boxers Lennox Lewis, Wladimir Klitschko, and Thomas "Hitman" Hearns. Steward was in a highly visible position before fights and between rounds during many championship fights shouting strategy and encouragement to the fighter in his corner as the heavyweight fighters he trained had a combined record of 34 wins 2 losses. There are many estate planning lessons to be learned from Emanuel Steward.
Posted by Evan Guthrie on 10.28.12 in Articles.
An important question to ask before you see an estate planning attorney to make a will or living trust and all of your other planning documents is what to bring. It is important to account for all of your assets, or everything you own before you make an appointment to see your estate planning attorney. You must do a little bit of work to prepare yourself and do your homework before you will be properly prepared for your initial meeting with an attorney.
Posted by Evan Guthrie on 10.25.12 in Articles.
Common law marriage is still in practice in Alabama ,Colorado, The District of Columbia, Iowa, Kansas, Montana, New Hampshire, Oklahoma, Rhode Island, South Carolina, Texas, and Utah and should be factored into your estate plan if you live in any of these states and it applies. An estate plan is planning for who will get your assets when you die and the existence of a marital union can have a huge impact on your estate plan.
Posted by Evan Guthrie on 10.24.12 in Articles. (SC)
George McGovern died on October 21st 2012 at 90 years of age and was most well known as the Democratic Party presidential nominee in the 1972 presidential election. There are several estate planning lessons that we can learn from Mr. McGovern.
Posted by Evan Guthrie on 10.21.12 in Articles.
Controversy continues for Michael Jackson even a couple of years after his death. There were reports that singer and actress Janet Jackson held up the burial of her brother Michael until she was reimbursed for the amount she gave as a security deposit for a cemetery plot.
Posted by Evan Guthrie on 10.19.12 in Articles.
Deciding what to do with your personal items such as your favorite piece jewelry that has been handed down from six generations is what many people think of when they make an estate plan. Although most people should be worried about the big assets such as the house or the retirement accounts, there is an inordinate amount spent focusing on small assets. Many times it is not the big assets such as the house or bank accounts that cause fights among family members when an estate is divided.
Posted by Evan Guthrie on 10.17.12 in Articles.