Kobe Bryant was not only a famous basketball player, but also a businessman, brand-builder, and investor. I wasn’t surprised to learn that he had a well drafted estate plan prior to his untimely death at the age of 41. Kobe had a trust to protect his assets, reduced estate-tax liability, and pass his wealth to [Read More ...]
Joe Robbie, the former owner the Miami Dolphins passed away in January 1990. The bulk of his estate was tied up in the Dolphins, and he had clearly not been reading my newsletters. Riddled with family fighting, Robbie’s children were forced to sell the franchise at a deeply discounted price in order to pay the [Read More ...]
I'm attempting to negotiate my first family-first approach to a family feud. This is where during the family feud process, specifically the beginning, the family takes a family-first, or rather, business first, approach to their control battle. I see it quite often, and it may actually be a known thing that I'm about to describe, [Read More ...]
The outbreak of Coronavirus has people all over the world thinking about their advanced directives. While this topic is generally annoying to think about (adulting is annoying) and even more annoying to discuss with your loved ones, estate planning is now more than ever a critical tool that can be used to assure that your [Read More ...]
It all started when the former Real Housewife wanted to hide her identity during the purchase of her $5 million Tribeca apartment. The genius that she is, created a trust and claims that she instructed her attorney to have only her as the beneficiary. He however, named both her and her then soon-to-be-ex-husband as the [Read More ...]
Cryonics is the practice of deep-freezing recently dead bodies in the hope that scientific advances will allow them to be revived in the future. The next logical question is, how can one ensure access to their funds once thawed. Ok, maybe that’s not the next logical question, but it is a very good question. The [Read More ...]
Malcolm McCormick, known and adored by fans as Mac Miller, the rap artist, passed away on September 7 with an estate estimated at 14 million dollars. The 26-year-old rapper set up both a trust and a will in 2013! I know, this information is enough for anarticle these days!! But there's more...as expected, he named [Read More ...]
Hollywood star Burt Reynolds intentionally left his son, Quinton, out of his will, but it doesn’t appear to be due to bad blood. The actor known for his roles in “Smokey and the Bandit”, “Deliverance” and “Boogie Nights,” provided for his 30-year-old son via a trust. “Disinherited” is a word you don’t want to hear, [Read More ...]
Just like cars, there are many different types of trusts out there for you to select. For those of you who aren’t familiar with the concept, here is a run-down; a trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Most trusts [Read More ...]
Hey, we do live in South Florida. But seriously, I come across many trusts created in the 80s, 90s and early 2000s where life was slower, and trusts were irrevocable. These irrevocable trusts had a goal to reduce the size of a person's estate to avoid estate tax. If you've been reading my newsletters, you [Read More ...]
In case you haven’t heard, Hugh Hefner “Hef”, the publisher of Playboy Magazine, died last month, at the age of ninety-one. Although his Will was not made public, It’s clear that Hef took the necessary steps to ensure that his estate plan was iron clad. Hef is survived by his third wife Crystal Hefner and [Read More ...]
As an estate planning attorney, I’m often asked, "How do I know if I need a trust as opposed to a will?" Many people assume that Trusts are just for the wealthy, but the benefits that they offer to the average person are significant. Here are a few factors to consider when deciding between a [Read More ...]
What's a Grantor Retained Annuity Trust (GRAT) A grantor retained annuity trust is an effective estate planning tool that has a number of advantages over other techniques. It allows the creator of a trust to receive annuity payments based on assets placed in the trust. The grantor retains his or her rights to the annuity [Read More ...]
A well-crafted estate plan often includes a Trust. As flexible and powerful tools, Trusts allow us to gain greater control over how assets pass are passed on to future generations. There are several reasons to create a Trust, specific to each individual’s circumstances. Often, people establish a Trust as a method of protection. Protecting one’s [Read More ...]
There are many types of trusts available; each designed to help achieve a specific goal. Below is a list of the types of Trusts available. Private Asset Trust - PAT Asset Protection Trusts Seniors Residence Trust Living Revocable Trust GRAT Trust GRIT Trust REIT Trust Statute Trust or trust by Statute Trust By Will Family [Read More ...]
