Carroll Shelby was one of the all-time greats in the automotive realm, and although he is most famous for the creation of cars like the Shelby Mustang and the AC Cobra, he was also a great race car driver before getting into the field of design. As we reported in a previous post Shelby passed away on May 10 at the age of 89. His surviving family members were subsequently involved in a dispute that was delaying the final arrangements. Shelby was married multiple times and he had … [Read more...] about Family of Shelby Finally Agree on Final Arrangements
Estate Planning
Probate Lawyer Can Guide Executor
It is best to see a practical picture when you are making preparations for the inevitable. Looking at it from a general perspective estate planning is a matter of common sense. You have to ask yourself what needs to be done and then engage the professional expertise that is necessary to make these things happen after you pass away. Executing a last will is one of the options that you have when you are stating your wishes in writing. If you do use a last will rather than a … [Read more...] about Probate Lawyer Can Guide Executor
Intestacy Can Yield Unintended Consequences
A commonly asked question in the field of estate planning involves intestacy. What happens to your financial resources if you die without having executed a last Will or any other type of estate planning documents that direct the transfer of your assets? The answer is that the administration of your estate will be supervised by the probate court. There are intestacy rules of succession, and these will be utilized to determine who assumes ownership of your assets. Your closest … [Read more...] about Intestacy Can Yield Unintended Consequences
Hemsley of "Jeffersons" Fame Passes; Estate Being Challenged
Indianapolis estate planning attorneys often talk about the possibility of an estate being held up in probate for an extended period of time. This takes place when estate challenges arise, and they are more common than you may think. Even families who are under the impression that they have everything arranged properly can experience some unpleasant surprises later on. The above is applicable to the case of the estate of the deceased actor Sherman Hemsley. This talented man was … [Read more...] about Hemsley of "Jeffersons" Fame Passes; Estate Being Challenged
QPRT: Necessary in 2013?
In an estate planning context the acronym QPRT stands for a qualified personal residence trust. These instruments can be utilized to reduce the taxable value of your home as you are transferring it to a beneficiary. When you consider the fact that your home is in fact considered to be part of your estate by the Internal Revenue Service, a lot of people will be exposed to the estate tax in 2013 when the exclusion goes down to just $1 million. If your home is worth half of this or perhaps … [Read more...] about QPRT: Necessary in 2013?
One More Reason to Avoid Probate
In the field of estate planning probate avoidance strategies are often implemented. Why would you want to avoid probate? There are two primary reasons that most people would point out first. The process involves the probate court that is local to the deceased supervising the administration of the estate. Depending on the complexity of the individual case in question it can take months or even years for the process of probate to run its course. This is a pretty big deal to … [Read more...] about One More Reason to Avoid Probate
Legacy Planning: Share Your Wisdom on a Blog
Legacy planning involves leaving behind things that will last long after you are gone. Aside from financial resources perhaps the best thing that you can offer your loved ones is your wisdom gained through personal experiences. Now that we live in the age of the Internet a unique opportunity to do this exists. By tapping into resources that are provided by sites like WordPress.org you can create your own blog for free. Many people are not aware of just how easy it is to have … [Read more...] about Legacy Planning: Share Your Wisdom on a Blog
Some Clarity Regarding Wills
Some individuals who are of relatively ordinary means automatically think that they should be using a last Will to arrange for the transfer of assets to their loved ones after they pass away. However, while it is true that you can certainly go this route it is not your only choice, and there are some good reasons to consider other options. A popular alternative to a last Will as a vehicle of asset transfer is a revocable living trust. These instruments are thought of by many to be a … [Read more...] about Some Clarity Regarding Wills
Proper Planning to Provide Long-Term Financial Underpinning
For some people receiving an inheritance is the only life event that is likely to take place that will provide a significant influx of financial resources. But at the same time, this is going to mean that a parent or grandparent that was always there in a pinch will no longer be around to assist if financial difficulties were to arise. As you are engaged in your estate planning efforts you may take the above to heart. What if a loved one was to burn through his or her inheritance … [Read more...] about Proper Planning to Provide Long-Term Financial Underpinning
Greater Resources, Greater Risks
Estate planning for high net worth families involves responding to some specific challenges. The first thing to brace yourself for is the federal estate tax. This tax could consume a significant percentage of your legacy if you don't take the appropriate steps. And in reality over a number of generations the federal death levy could conceivably consume the vast majority of the assets that you leave behind over time. If the resources are significant enough and succeeding … [Read more...] about Greater Resources, Greater Risks
