Wednesday, April 27, 2016

Prince had no will, says his sister

Prince's sister has filed legal documents stating the late superstar did not have a will.

Tyka Nelson on Tuesday filed court documents to open a probate case in Minnesota's Carver County, which is where her brother's Paisley Park estate is located. 

In the filing, she states that "I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form." 

Prince was worth $300 million according to various estimates, including one from Celebrity Net Worth. And his estate is expected to grow as sales of his music have exploded since his death. 

Tyka Nelson is the only full sibling of Prince, who died last week at the age of 57. Prince was not married and had no living children or parents who could potentially inherit the millions to come from his estate.

Read more @ CNN Money

Friday, April 22, 2016

How an Adult Guardianship, or Conservatorship, Works

If the person in your care is in good health, you may not be thinking about her possible need for a conservatorship, or adult guardianship. But if you're considering this step, you're not alone. The unfortunate truth is that many older adults have long periods toward the end of life when they're not able to make decisions for themselves -- due to Alzheimer's or other forms of dementia, a stroke, an accident, or some other serious medical condition. If the person has an advance health care directive , the decision-making about her medical care, if she becomes incapacitated, may already be provided for. If she has a durable power of attorney for finances , there will be someone to take care of money matters. 

Read more @ Caring.com

 

Friday, April 15, 2016

Family feuds erupt over unequal bequests

It's true – mom really did love your brother best. The proof is in the will. 

Equal splits among siblings are still the norm in estate planning, yet a new study finds that more parents are writing wills that favor some of their children more than others. Experts say that's a recipe for discord. 

The number of parents who treat their children unequally in wills more than doubled from 1995 to 2010, according to an October 2015 working paper from the National Bureau of Economic Research. By the latest numbers, almost 35 percent of parents plan to give their children unequal bequests. 

Read more @ CNBC.com

 

Friday, April 8, 2016

Don’t Let Divorce Derail Your Retirement Plans

Divorce is never easy, but the divorce of a long-married couple can be especially hard, particularly when it comes to retirement and estate plans.

Assets, including retirement accounts, can be hard to divide, and the presence of children—and possibly grandchildren—can require the wholesale revision of existing estate plans.

If you’re divorcing or moving on to a second marriage, it’s important to work toward the fair and accurate division of assets, including retirement funds, so you don’t wind up facing a shortfall later in life. You’ll also need to update estate plans to make sure your wishes—no matter what your marital status—will be honored when you pass. 

Read more @ EstatePlanning.com

 

Friday, April 1, 2016

10 Estate Planning Must-Dos Before You Travel

Having your estate plan in order is always a good idea, but if you will be traveling, it is essential. Should anything happen to you during your trip, your loved ones would already be thrown into a difficult and emotional time. Wouldn't you prefer to minimize the stress for them in such a situation? You can. By having your affairs in order before you go.

Read more @ LegalZoom.com