National Healthcare Decisions Day Provides Reminder of Key Planning Documents You Need

We have all heard horror stories about family members disagreeing over end-of-life care decisions. This can result in families ending up in protracted court battles while patients are kept alive on life support. All the while, no one really knew what the patient actually wanted. Do not let this happen to you. Provide your loved ones with some relief by planning ahead for your healthcare decisions. On April 16, 2016, organizations throughout the country tried to inspire, educate and empower the public about the importance of advance care planning. National Healthcare Decisions Day encourages people to express their wishes regarding healthcare....

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Should You Adopt the Zuckerberg Strategy and “Donate” to an LLC?

Facebook founder and CEO Mark Zuckerberg made headlines after announcing that he would be “donating” the bulk of his $45 billion fortune to charity. In some corners, Zuckerberg was derided since his “donation” was to a Limited Liability Company, as opposed to a charitable trust or actual charity, according to the Washington Post. The Zuckerberg-Chan Initiative (the LLC) will receive $45 billion worth of Facebook shares that Mr. Zuckerberg owns. So, in reality, no real charitable donation was made. Though, Zuckerberg has publicly stated that his LLC will focus on important charitable and public causes such as curing disease, advancing...

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November is Long-Term Care Awareness Month

No one wants to think about aging, becoming infirm, or being unable to dress yourself, use the toilet, etc. This is why most surveys show that people would rather ignore long-term care planning rather than tackle the issue head on. This cannot continue. November is Long-Term Care Awareness Month and a spotlight needs to be placed on this incredibly important issue. Long-term care costs have exploded in recent years, and are expected to continue to rise for the foreseeable future. For example, the median annual cost for a private room in a nursing home is projected to cost nearly $130,000 in 10 years,...

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Naming a “Techexecutor” to Manage Your Online Accounts

People who have a Facebook account today could very well have a Facebook account up to the day they die. Facebook has become so engrained in our societal fabric that your online profile is akin to a part of your overall identity. So what happens when you die? Who manages, or takes down, your online identity? Well, Facebook has now given you the power to determine who makes that decision. Let’s call them you “Techexecutor.” Facebook will begin allowing its members to designate what they call a “legacy contact” to manage parts of your Facebook account posthumously, according to the...

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Battle Royal: IRS v. The Estate of Michael Jackson

The King of Pop faced numerous legal challenges during his life, but arguably the biggest battle is taking place after his passing. The Internal Revenue Service (IRS) is seeking close to $731 million from Michael Jackson’s estate. Yes, you read that number correctly - $731 million. How did the IRS arrive at such a huge tax bill? Well, IRS auditors determined that the value of Mr. Jackson’s estate totaled $1.17 billion. This means his estate qualifies for the top rate of the estate tax – a staggering 40 percent, according to bankrate.com. Therefore, the total tax bill includes $525.6...

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Joan Rivers’ Estate is a Prime Example of Proper Pet Planning

Joan Rivers left behind an estate estimated to be worth $150 million. Reports indicate that her estate was relatively simple - she left the majority of her estate to her only daughter, Melissa, and to her grandson. Then there was a more complicated estate planning strategy utilized by Rivers - she made sure her dogs would be taken care of after her passing. She owned two rescue dogs who lived in her New York apartment and two other dogs who lived in her California home. Rivers made sure to designate who would take care of her pets and left adequate...

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LegalDoom: Cookie Cutter Estate Planning Site LegalZoom Being Sued For Flawed Documents

In 2007, Anthony J. Ferrantino was suffering from a terminal illness, so he sought the assistance of his niece to help him write a Last Will and Testament and Revocable Living Trust. They decided to use a popular web site, LegalZoom. Unfortunately, once the LegalZoom documents were created and signed, Mr. Ferrantino's assets could not be funded into the Revocable Living Trust because the financial institutions that held Mr. Ferrantino’s money would not accept the LegalZoom documents as being valid. LegalZoom provided no assistance to Mr. Ferrantino’s family when they had questions and needed help in getting the trust funded....

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Estate Planning News Alert: Influential Commission Working to Grant Loved Ones Access to Decedent’s Online Accounts

The Uniform Law Commission, a group of influential lawyers appointed by state governments to help standardize state laws, endorsed a plan to give loved ones access to, but not total control of, all digital accounts of a decedent, unless otherwise specified in the decedent’s will. As we’ve ventured into the digital age, virtually everyone has vital information and profiles saved and published online. When someone suddenly passes away, it can be a huge hassle to gain access to their online accounts to either shut them down or retrieve important information like account numbers and/or passwords. Also, a decedent’s postings, photos...

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Casey Kasem Legal Battle Illustrates the Importance of Preparing for a Loved One’s Incapacitated State

In an ideal world, an elderly loved one would get to enjoy their golden years and pass away peacefully and painlessly. Unfortunately, such an ideal world doesn’t exist. In reality, when an elderly loved one becomes stricken with a disease like dementia, the end is painful and traumatizing. Case in point: the heartbreaking state of affairs for Casey Kasem (picture on right), a beloved radio personality. Mr. Kasem has Lewy body disease, an agreesive form of dementia. He was in the headlines recently after disappearing for a number of days. A California judge issued an order prohibiting Mr. Kasem from...

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