For the Love of Your Family
For the Love of Your Family
When you create your estate plan, the idea that one of your adult children would ever use their inheritance to bankroll a cult is probably something you’d never dream of, much less anticipate. Yet that’s exactly what 40-year-old Clare Bronfman, heiress to the multi-billion-dollar Seagram’s fortune, did with hers. In the end, with her inheritance—and […]
Read MoreThis is the second in an ongoing series of NLBM articles discussing the true costs and consequences of failed estate planning. The series highlights a few of the most common—and costly—planning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with a Personal Family Lawyer® […]
Read MoreIn the first part of this series, we discussed one of the most frequent causes for dispute over your estate plan. Here, we’ll look at another leading cause for dispute and offer strategies for its prevention. No matter how well you think you know your family, you can never predict how they’ll behave when you […]
Read MoreThis week Tom Petty’s daughters escalated the battle over their late father’s estate by filing a lawsuit against Petty’s second wife that seeks $5 million in damages. In the lawsuit, Adria Petty and Annakim Violette, claim their father’s widow, Dana York Petty, mismanaged their father’s estate, depriving them of their rights to determine how Petty’s […]
Read MoreIn the first part of this series, we discussed a couple of the most critical updates you must make to your estate plan if you’re getting divorced. Here, we’ll cover the last three of these must-do planning tasks. Because getting divorced can be overwhelming on so many different levels, updating your estate plan often takes […]
Read MoreBeing asked by a family member or close friend to serve as trustee for their trust upon their death can be an incredible honor. At the same time, however, serving as a trustee can be a massive responsibility—and the role is not for everyone. In fact, depending on the type of trust, the assets held […]
Read MoreUnlike most of your assets, individual retirement accounts (IRAs) do not pass to your family through a will. Instead, upon your death, your IRA will pass directly to the people you named via your IRA beneficiary designation form. Unless you take extra steps, the named beneficiary can do whatever he or she wants with the […]
Read MoreIn the first part of this series, we discussed the estate planning tools all unmarried couples should have in place. Here, we’ll look at the final two must-have planning tools. Most people tend to view estate planning as something only married couples need to worry about. However, estate planning can be even more critical for […]
Read MoreEstate planning is often considered something you only need to worry about once you get married. But the reality is every adult, regardless of age, income level, or marital status, needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict. […]
Read MoreIn the first part of this series, we discussed the importance of including your digital assets in your estate plan. Here, we’ll talk about the best ways to get started with this process. Today, estate planning encompasses not just tangible property like finances and real estate, but also digital assets like cryptocurrency, blogs, and social […]
Read MoreIf you’ve created an estate plan, it likely includes traditional wealth and assets like finances, real estate, personal property, and family heirlooms. But unless your plan also includes your digital assets, there’s a good chance this online property will be lost forever following your death or incapacity. What’s more, even if these assets are included […]
Read More
