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In the wake of sad and tragic death of Michael Jackson and Farrah Fawcett, we are all reminded how fragile our lives can be and how quickly things can change. The death of these two iconic figures should bring an appeal to many of their real estate project in order. It should be noted that the reality is that most people die without a will in our country. Some very clever people and celebrities, Abraham Lincoln, Howard Hughes, and Pablo Picasso, dying, without taking the time to preparea will.
Many of us have hesitated to minimize our personal needs or the legal significance of drafting wills, trusts, living wills and durable powers of attorney. The complexity of unification and coordination of various activities such as individual work, which seem to jointly held assets, pensions, life insurance, annuities and economic interests too daunting for some. To do for others, do not know how important the opinions of all its activities from a global perspective, ie, ifeverything that is said and done, to finish with that. If the distribution of assets fairly and equitably for all parties to the payment of taxes, debts and costs of property management?
For many, s is the early death of Michael Jackson, these and many other planning issues raised goods. At this point, nobody knows if he had a will and / or trust for his children, or if his property was provided until now. But look at his situation (and speculate a bit '), some important propertiesPlanning Considerations for the rest of us can be investigated:
Protection: It is not clear what steps Mr. Jackson had in his will (assuming that this is a valid will) to his children. The first words of the media is that this will be a messy battle in the courts on the issue of protection of their children, even if it was communicated its preference for guardianship. Although the question asked, would the name of a parent or guardian is still a very important factor for every dishChallenge your desires and always cautious about what to do in any case. The object lesson is clear: parents with young children clearly indicates the need for a will, the choice of parents for their children to see.
Trust Nobody knows if Mr. Jackson had set up trusts for his children. Although it seems that his fortune is now bankrupt this situation will change post-mortem sell his music to provide a daily balance and prosperity for itsChildren think (after the death of Elvis Presley estate income). I hope that he formed trusts that protect and manage its assets. To increase the chances of a competent adult, maybe he has authored provisions in its trust in a way that develops their sense of initiative and personal responsibility, yet provide for their basic needs. Estate planning lawyers consider this type of planning when it comes to dealing with children and theiranticipated needs, if the parents die early.
Special discounts: The media have speculated that a very big advantage (of the assets given to his rights Beatles song), Paul McCartney was. This generosity is laudable, but from a standpoint of succession planning, these gifts can pose problems. First, if your estate is insolvent, does not leave an inheritance to this class of business to be willing to sell the property and obtain the proceeds to repay debt homes and / or his children benefit. AccordingIn general, the sequences are so often so that they do not possess any of the estate tax data. This could distort how the activities divided among the suitors. The crucial point is that this legacy is mind when the will was originally conceived, as was Mr. Jackson has made it rich, but the inheritance could be very problematic in the current situation. The lesson is that a plan of property to be tested at regular intervals should, when the demands of family and financial situations changeTime.
Special needs trust: Farrah Fawcett has died, leaving a son who is in prison with drug problems. The problems for people with children with special needs are often minimized, overlooked or not fully considered. When his only son, left all his wealth to his son? They provide that will receive his inheritance to his death, or have made for a trust in his favor? Whether to set up a trust, what kind of rules and conditions made in the provision ofBenefits for him? Those questions were raised difficult not only for children with addiction problems, but for children with cognitive disabilities, physical disabilities and emotional problems. In addition, the special needs trust may be required if the children receive public assistance from state and local governments.
The Bottom Line: Protect your family and protect your hard-earned assets. Pass the time to plan your business with a lawyer experienced in estate planning. I remember, when you diewithout the will and confidence which will check your laws of the state letterhead, which is to receive your business and how are your assets. When children are involved, inheritance, the courts generally held the children confidence in line with what a court deems appropriate. Moreover, the court will decide who are the trustees of trust that are necessary to your children and they will decide who should be the guardian of your children. These and other important considerations must be determinedto you and not by a court, so to do, and do it now, so you can not leave issues like Michael Jackson and Farrah Fawcett have left.
© Steven J. Fromm, 2009
