Vidal Sassoon Disinherited Son
2012 marked the death of British hairdresser and shampoo mogul, Vidal Sassoon. According to a recent article, Sassoon had disinherited his adopted son shortly before his death. Moreover, his will also blocked his three ex-wives from receiving any part of his approximately $150 million estate. Sassoon did not approve of his adopted son’s lifestyle, and […]
Take Caution When Designating Beneficiaries
People can name the person they would like to be beneficiary on a variety of accounts and financial devices. This is advantageous because the assets that have a named beneficiary transfer outside of probate, saving heirs time and money. However, many people forget that a beneficiary designation on many documents will override their will. A […]
Advantages of the Mobility Trust
It is not uncommon for individuals or families to move from one state to another. Often, individuals or families who are anticipating a move are hesitant to draft estate-planning documents. This hesitation stems from the fact that the individual laws of each state govern probate. A recent article offers an estate planning solution for those […]
Tax Issues of Inheriting An IRA
While individuals may be happy to inherit an Individual Retirement Account (“IRA”), confusion may quickly follow. Many who inherit IRA’s are not certain of what to do with them. As a recent article in Forbes points out, there are important tax consequences involved in inheriting an IRA, and therefore important questions that inheritors should ask. […]
Even Inheritors Have Problems
As The New York Times reports, many Americans view those who inherit large sums of money as “democracy’s version of royalty.” However, those who actually inherit the large sums are singing a different tune. Many inheritors report that their various windfalls negatively impacted them. According to chief wealth advisory officer Coventry Edwards-Pitt, many of her […]