A ruling that Michael Jackson’s image and likeness at the time of his death were worth about $157 million less than the IRS estimated warns the agency not to look too far down the road, when assessing the value of a celebrity’s estate.
While memorials and tributes continue to pour in, one thing is clear: Prince Philip had clearly defined wishes regarding how he wished to pass, as well as his funeral plan.
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.