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Important Steps after a Loved One Dies

When someone passes away, it is crucial that the surviving member of the family understand what to do next This indicates there are some essential actions these persons require to know and how to execute them so that the matter is closed and any issues might be finalized.

Cooperation after the Death

In order to deal with the estate and other matters when the liked one passes away, it is important to cooperatively work on the problems. If the estate needs to be managed or someone is needed in the courtroom through the probate issues, then these issues need to be delegated. It might be advantageous to have one private for each issue and then someone overseeing the whole occasion. Interacting in this manner, may yield much better outcomes for everybody involved. To entrust the concerns to numerous, it is very important to understand what needs to be achieved and what issues are involved. It might be best to have a checklist.

Resolving Matters after the Death

Certain circumstances should be solved as soon as the death of a loved one takes place. This could mean settling certain bills, making sure that the home is settled and not take into an auction due to an absence of mortgage payments and similar scenarios. Some business and officials need to be gotten in touch with about the death when it refers to loans, liens or other financial matters. The instant or prolonged household needs to be gotten in touch with. If any directions are left, these should be followed to consist of dispersal of funds through a will or other legal documents. This might suggest interacting with the deceased’s lawyer.

Calling a Lawyer after a Death

Contact with the deceased’s legal representative may be needed for the will checking out, but this could be required for organisation matters. If the person in charge of these issues needs legal representation, she or he might require to conference with both counsels about the staying problems for the deceased. Then, it may be possible to complete all staying tasks.

Doris Duke’s Estate Battle– Why Objecting To a Will is In Some Cases Necessary

The majority of people have actually heard of the idea behind a Will contest, yet most have never ever been involved in one. A Last Will and Testimony can not be challenged just since a prospective beneficiary is not happy with what she or he received under the regards to the Will.

A Will contest is intended to expose something that really revokes the Will itself, such as that the testator did not have the psychological capacity needed to carry out the Will or that someone unduly affected the testator at the time the Will was signed. Both of these were amongst the challenges to the Will of Doris Duke.
Doris Duke was the successor to a tobacco fortune. Born in 1912, her father passed away when she was only 13, leaving the majority of his $100 million fortune to Doris and her mom. Doris married and separated twice prior to her death in 1993, she had no biological kids. At the time of her death, the family fortune had grown to $1.3 billion. Quickly after her death, a Last Will and Testament was presented for probate. It was executed simply weeks prior to her death and called her butler, Barnard Lafferty, as the executor of her estate. While that was enough to raise concerns, extra terms of her estate plan likewise gave Lafferty almost complete control over her estate– something that anyone with that kind of money normally does refrain from doing.

Numerous Will contests were submitted. Amongst them was one by Harry Demopoulos, Duke’s good friend and former physician. Demopoulos was also named as the administrator in her pervious Will. Demopoulos was convinced that Duke was not in her ideal mind when she performed the Will. Proof presented to the court revealed that Duke was heavily sedated during the weeks leading up to her death and was basically cut off from anyone outside of the house. Demopoulos was provided a big settlement to drop the Will contest however turned it down. After a 3 year long court battle, that included over 40 legal representatives at a cost of about $10 million to Duke’s estate, the probate judge ruled in Demopoulos’s favor and eliminated Lafferty as the executor.
Sometimes, contesting a Will is required when a relative or liked one is encouraged that the Will does not precisely reflect what the testator would have wanted.

10 Practice Tips for Handling Complex Probate

It’s tough but possible, and there is a lot to be said for taking a systematic approach to handling complex probate.

Here are 10 practice tips for dealing with the legal elements of administering estates and trusts of persons who passed away leaving multiple properties, substantial debt, feuding households, or other complicating factors for their trustees and personal representatives to sort out. Ripped from thirty years of probate and trust law experience, these tips apply legal ideas and procedures, along with innovation, to help the lawyer in simplifying and managing probate and trust administration in these difficult cases.
1. Determine the Client

This is truly pretty simple. One customer at a time is all a lawyer can usually handle. At the same time representing two or more clients produces its own issues. When someone passes away, it is typical for a number of relatives to desire to satisfy with the legal representative. This is hazardous. Attorney-client privilege may be lost by meeting in the company of persons who turn out not to be customers. The soon-to-be-non-clients may impart secret information to the lawyer, which later on develops a dispute of interest. It is best for the attorney to arrange out who will be the client prior to the first conference, and, ideally, throughout the very first phone call or e-mail.
The preferred customer is the one who:

This factual assessment is finest made during the preliminary conference or quickly afterwards. Sometimes, prospective clients do not pass this test. If they do not, it is best to refer them to the Lawyer Referral Service.
Some attorneys appear to forget that in some states, such as Florida, the legal representative represents the PR and not the “estate,” not the recipients, not the lenders, and not any other interested individuals. Recipients regularly misconstrue this and need numerous letters advising them that they should get their own separate counsel because the PR’s attorney represents just the PR. It is best to encourage recipients to obtain separate counsel early in the probate process. It will make the task of the PR’s attorney a lot easier since the recipient’s legal representative will explain the process to the beneficiary. It is simpler to keep a found out lawyer notified than to keep a non-lawyer recipient informed.

An engagement letter or cost agreement ought to be gotten in into between the lawyer and PR confirming the terms of engagement, signed by the recipients, and filed in the probate court file.
2. Establish Client’s Base of Authority

In complex cases, clients are regularly distressed to get to work. There are assets to deal with, issues to deal with, bills to pay, and enemies to defend or attack. The attorney needs to advise the customer of the requirement for authority. This suggests being designated PR by the probate court. Performing before consultation is stuffed with threat. Submitting a petition for probate administration must be the very first step the attorney takes to establish the customer’s base of authority.
It may also be needed to be selected PR by probate courts in other states where the decedent owned real estate. If the decedent’s domicile was Florida, then the Florida probate proceeding ought to be submitted initially, being the household proceeding. If the decedent’s domicile was not Florida, a Florida ancillary probate case should be filed. Probate is inadequate regarding property located in other states (probate is an in rem case).

In addition, establishing the customer’s base of authority might require assuming the position of follower trustee of one or more living trusts, or even land trusts. In complex cases, this might need filing a petition for visit of successor trustee with the court.
3. Start the Clocks

There are 3 clocks to begin immediately after the court enters the order admitting the will to probate and appointing the PR:
Clock # 1: Publish notification to lenders. In numerous states, such as Florida, this gets the creditor declares period running for financial institutions who are not fairly ascertainable.

Clock # 2: Serve notice of administration on all recipients called in the will and on all individuals who would take if that will and all wills stopped working (intestate heirs and recipients of prior wills). In many states, this gets the time duration running for will contests and PR consultation contests.
Clock # 3: Serve notice to lenders on all reasonably ascertainable lenders. This gets the time duration running for the most frustrating financial institutions: those who are fairly ascertainable. A thorough search for these persons might take much effort, consisting of examining checking account signs up going back a year. (See David T. Smith and Robert M. Winick, Understood or Ascertainable Estate Creditors: The Pope Choice, 62 Fla. Bar J. 66 (Oct. 1988.) Service by FedEx, UPS, and so on, is the author’s favored technique of service since it is trustworthy, it is quick, and it offers evidence of delivery the next day. Be sure to submit proof of service with the clerk of court.

Why start the clocks ASAP? It is very important for the PR to identify the interested persons in the estate as soon as possible so that the PR can get permission of interested individuals on significant decisions that occur in intricate probate extremely early on. This indicates identifying who are the creditors and recipients of the estate in advance in the probate procedure. This reduces the likelihood of an interested person assaulting an act of the PR taken before the PR determined all interested persons.
4. Prepare the Pleadings Index

Like the A-Team, the legal representative handling complex probate needs a good plan. That means making lists, lots of them. The very first and most essential checklist is the pleadings index. Every probate has two sets of pleadings: those that were filed and those that will be filed.
The pleadings index notes them all, however separates them, with those currently filed on the top and those to be submitted on the bottom. As pleadings are filed, they move from the bottom of the list to the top. The pleadings index consists of the case caption as the top of the page, much like a court pleading, so it is a convenient place from which to copy the caption when drafting.

It likewise consists of a list of substantial dates: 60 days for the inventory, 4 months for declaration concerning financial institutions, one year for petition for discharge.
Thus, the pleadings index is a one-stop source to view the case status at a glance.

5. Assemble the Team
The attorney managing complex probate needs aid, great deals of help. Here’s a starter:

Financial: Certified Public Accountant, tax attorney, bank;
It is wise early in a law practice to produce a list of experts to hire in time of requirement: a referral list. Having the ability to call upon someone you understand will permit you to request for favors: fast action, answers to quick concerns, whether your techniques make good sense.

Referral lists ought to consist of more than contact details: area of practice, date, who referred, case names, background. This will include context to your recommendation list.
When you satisfy attorneys from other counties and states, discover what they do and add them to your list for future reference. It may be ten years before you need them, but when you do, they might make all the difference in your case.

Be sure to keep your team informed. Do not leave anybody out of the loop. When sending emails, include your entire team. Establish a circulation list in Outlook Contacts so that one click includes all their e-mail addresses.
Don’t forget to call on your team. They know more about their fields than you do; that’s why they are on your team. If they do not, change players. Send your group members engagement letters requiring them to keep your interactions personal and within the attorney-client and work item privileges.

6. Response Before You Are Asked
As a fiduciary, the PR needs to provide an interested person with info about the estate and its administration on affordable request in writing. This means the PR can wait on recipients and financial institutions to request information prior to providing it.

There is a standard fact in complex probate: you can’t have too numerous friends. Relationships are based upon trust and reliability. You develop this with beneficiaries and creditors by giving them info: great deals of information, prompt details, accurate information, reputable information, beneficial info.
The PR needs to imitate the paper: be the first to tell the readers what’s brand-new, what’s intriguing, what is very important.

Another tip: papers do not make forecasts. Neither must the PR. A beneficiary who was given an estimate for his share never ever remembers it was a price quote and topic to taxes and administration expenses.
Keep beneficiaries notified. Response concerns prior to they are asked. However don’t speculate.

7. Prepare Routine Accountings
Probate guidelines in some states require just a final accounting, not interim accountings. But interim accountings need to be used for two reasons already listed above: beginning the clock and answering before being asked.

Every state has a constraints duration for objections to accountings. In Florida interested persons have 30 days after service to object to an accounting. An objection not timely filed is considered deserted. The accounting needs to be served along with a notice notifying the recipient of this deadline. Banks send consumers monthly declarations of their examining accounts in order to flush out any problems rapidly.
The same applies to complicated probate. The sooner the PR understands of an objection to something reported on the accounting, the better. Monthly accountings in some probates make a great deal of sense; in others, quarterly accountings achieve the purpose. The exact same applies to trust accountings, but the deadline for objections in Florida is 6 months rather of 30 days. If the trustee just sends a yearly accounting, the danger of a deal being objected to can run a full 18 months from the date of the transaction. This can be decreased to 7 months by sending regular monthly trust account accountings.

Trust accountings should also include a notice of the deadline.
8. Diagram the Assets and Process

A photo states a thousand words … and shows work and progress.
9. Do Not Simply Communicate, Collaborate

Complex probate frequently indicates there are lots of individuals, which indicates there are lots of brains. Attempting to get all those brains to fix on one set of documents and act in a consistent and unified way can be among the most difficult elements of a case.
In the olden days, we sent out letters by postal mail with a stack of documents for review by interested persons and their legal representatives. The bundles took a few days to get here and some got lost, so we switched to FedEx and carriers for next day delivery. There was still a great deal of paper, and we still had the problem of getting lots of people to focus on many files.

In either case, if a couple of weeks went by prior to the time for additional discussion or decision came, the recipients frequently might not easily find what had actually been sent to them. This required resending the plan and additional hold-up.
Today we have e-mail, and it’s a lot quicker, but individuals still lose their e-mails, or erase them, or they wind up in spam filters. And big file files are typically too large for e-mail.

Enter the Web and collaborative Web websites. Here the PR’s attorney can post documents for password-protected protected downloading by interested persons and their attorneys no matter what the size and without taxing email systems. There are lots of service providers; among the most promising is Microsoft SharePoint 2007.
Guest Tip (Suggested to the Author by Commonwealth Land Title Florida State Counsel)

When the estate owns realty, every probate attorney knows that orders confessing wills to probate, orders determining homestead, and orders approving sale of genuine property need to be recorded in the main land records. Title insurance provider advise, and often need, that the petitions also be taped. This consists of the petition for administration. The clerk may disagree with recording such documents, but title companies desire them taped for a great factor: title business browse indexes of the official records and typically preserve duplicates of filings, but they do not maintain duplicates of court of probate files. Title business frequently find it hard to obtain info from old probate files. Having the clerk record all files connecting to real property will make it much easier for title companies to do their jobs.
10. Scan, Scan, Scan

The single most useful pointer for managing complex probate is this: scan the heck out of whatever. Scan every document that is available in and every document that heads out. Scan your inbound mail, your outgoing mail. Scan all e-mail. Scan all pleadings. Scan all studies. Scan all appraisals. Scan all environmental reports. Scan all proof:
If it’s paper, scan it. If it’s email, print it and scan it. If it’s an email attachment, conserve it, print it, and scan it;

Conclusion
Handling complex probate is difficult and time-consuming, but possible. The systematic application of basic probate law and treatments is one way to streamline the facts and situations that present themselves over the course of the case. A methodical procedure is what made putting a male on the moon possible and allowed those in control to meet the lots of crises that emerged along the way.

Estate Planning Terms: Executive Bond Waivers

As soon as a person passes away leaving behind property, someone needs to take on the obligation to manage that property and after that transfer it to brand-new owners. This person, known as an administrator or an administrator, has a special task to protect the estate property and to see the decedent’s dreams are followed.

To secure against any possible errors or wrongdoing on the part of the executor, states typically need the executor to publish a bond– a specific quantity of loan– so any damage triggered can be paid back. In lots of states the bond can be waived however only under particular situations. Speak with a lawyer in your area for state-specific advice about bond waivers.
Testamentary Waiver: A person who produces a Will, called a testator, gets to choose who works as his/her executor. Testators can likewise choose to let the executor serve without needing to publish a bond. This bond waiver is not required to create a Will, however without it the executor will normally have to post a bond.

Voluntary Waiver: Administrators might also be able to waive the bond requirements if they get a waiver arrangement from the beneficiaries or beneficiaries of the estate. If all the beneficiaries accept the waiver in writing, the executor can send their arrangement to the probate court and ask the court to waive the bond requirements. This may not be possible in all states, so talk with a lawyer.

Family Limited Partnerships and Divorce: Structuring the Department

Family Limited Partnerships can provide distinct obstacles in divorce lawsuits relative to the department of property and financial obligation. It is important to comprehend the key elements, their structure and various assessment techniques in order to successfully represent a customer where a Household Limited Collaboration is part of divorce procedures.

Establishing a Family Limited Partnership (FLP) yields tax benefits and non-tax benefits.
Valuation discount rates can be accomplished in 2 methods.5 Absence of marketability is one factor

Lack of control is another element that minimizes the “reasonable market price” of a Household Limited
Over the years, the Internal Revenue Service has actually made arguments concerning discount rate appraisals as abusive, especially when Family Limited Partnerships are developed for nothing more than tax shelters.13 Sometimes the development of an FLP is motivated by client’s desire to eliminate the concern of the federal estate tax.

Consequently, courts have actually begun scrutinizing using FLPs as an estate-planning device. In order to receive the tax benefit, the taxpayer forms an FLP with member of the family and contributes possessions to the FLP. 78 In exchange for this contribution, the taxpayer receives a restricted partnership interest in the FLP. Upon death, the taxpayer’s gross estate includes the worth of the limited partnership interest rather of the worth of the transferred properties. 79 A non-controlling interest in a family is worth very little on the free market; as such, the estate will apply significant assessment discount rates to the taxable worth of the FLP interests, therefore reducing the quantity of tax owed at the taxpayer’s death. 80 The IRS has actually been trying to curb this abuse by consisting of the entire value of the assets moved to the FLP in the decedent’s gross estate under Internal Profits Code 2036( a). I.R.S. 2036( a) consists of all property moved throughout the decedent’s lifetime in the decedent’s gross estate when the decedent failed to renounce enjoyment of or control over the possessions subsequent to the transfer.
For example, in Estate of Abraham v. Comm’ r, 14 a representative of estate petitioned for redetermination of estate tax deficiency arising from inclusion of full date of death worth of three FLPs in estate The trial court concluded that the value of transferred properties were includable in the gross estate, because testator maintained use and enjoyment of property during her life. 15 The court stated, “an asset moved by a decedent while he lived can not be omitted from his gross estate, unless he definitely, unequivocally, irrevocably, and without possible bookings, parts with all of his title and all of his ownership and all of his pleasure of transferred property.”16 Through documentary evidence and testimony at trial, it is clear that, “she continued to enjoy the right to support and to maintenance from all the earnings that the FLPs generated.”17

Another example, Estate of Erickson v. Comm’r18, the Estate petitioned for a review of the IRS’s determination of consisting of in her gross estate and the whole worth of possessions that testatrix moved to a FLP shortly before her death. The court concluded that the decedent maintained the right to possess or enjoy the properties she moved to the collaborations, so the value of moved possessions should be included in her gross estate.19 The court said that the “property is consisted of in a decedent’s gross estate if the decedent maintained, by reveal or suggested contract, belongings, enjoyment, or the right to earnings.20 A decedent retains ownership or enjoyment of transferred property where there is an express or implied understanding to that result amongst the parties, even if the maintained interest is not lawfully enforceable.21 Though, “no one factor is determinative … all realities and circumstances” should be taken together.22 Here, the facts and situations reveal, “an implied arrangement existed amongst the celebrations that Mrs. Erickson retained the right to possess or enjoy the assets she moved to the Collaboration.”23 The deal represents “decedent’s daughter’s last minute efforts to reduce their mother’s estate tax liability while retaining for decedent that capability to utilize the assets if she required them.”24
Also, in Strangi v. Comm’r25, an estate petitioned the Tax Court for a redetermination of the shortage. The Tax Court found that Strangi had retained an interest in the moved possessions such that they were correctly consisted of in the taxable estate under I.R.C. 2036(a), and entered an order sustaining the deficiency.26 The estate appealed. The appeals court affirmed the Tax Court’s decision. I.R.C. 2036 provides an exception for any transfer of property that is a “authentic sale for an adequate and complete factor to consider in loan or cash’s worth”.27 The court stated “sufficient factor to consider will be pleased when assets are moved into a partnership in exchange for a proportional interest.”28 Sale is authentic if, as an unbiased matter, it serves a “considerable business [or] other non-tax” purpose.29 Here, Strangi had an indicated understanding with relative that he could personally use collaboration assets.30 The “benefits that celebration maintained in transferred property, after conveying more than 98% of his overall properties to restricted collaboration as estate planning gadget, consisting of regular payments that he got from partnership prior to his death, continued use of transferred home, and post-death payment of his various debts and costs, qualified as ‘considerable’ and ‘present’ advantages.”31 Accordingly, the “authentic sale” exception is not activated, and the transferred assets are appropriately included within the taxable estate.32

On the other hand, non-taxable advantages happen in two circumstances: (1) family company and estate planning objectives, and (2) estate associated advantages.33 Some advantages of household organisation and estate planning goals are:
– Making sure the vigor of the household company after the senior member’s death;

The following example was presented in the law evaluation post: “if the family member collectively owns apartment or condo structures or other ventures requiring ongoing management, moving the service in to an FLP would be a perfect method for guaranteeing cohesive and efficient management.”35 As far as estate associated advantages are worried, a Household Limited Partnership safeguards possessions from lenders by “restricting property transferability.”36 To put it simply, a creditor will not be able to access “complete worth of the properties owned by the [Family Limited Collaboration]”37
1 Lauren Bishow, Death and Taxes: The Household Limited Collaboration and its usage on estate.

What to Research

In preparing to make crucial life decisions the first thing to do is to investigate your choices. You can not make great choices till you understand what is possible you and how reliable the various options are. This is true in estate planning, as there several legal instruments that can be utilized in estate planning.

When you begin to research study estate planning, you run into issues. The very best and most precise details is often locked away on websites that you need to pay to get access to. Numerous other websites will offer you details totally free, but it is tough for non-attorneys to assess whether the freely given information is precise. This is specifically real because many of individuals who provide you free estate planning details online have a program; they wish to sell you a form to use in your estate plan.
Rather than starting your research study online trying to find info on estate planning, start your research study online searching for an estate planning attorney in your location. You do not require to make things difficult on yourself by sorting through the research on your own. Hire someone who has actually currently been through all of it.

Conserving Personal Practice: Protecting Earnings after Departure

An expert practice (dental, medical, legal, and so on) is unlike any other kind of business in that it is not freely transferable and it can not be owned or run by someone who is not a licensed member of the profession.

This coupled with the fact that it is normally our most valuable earnings source, there is a fantastic requirement to attend to the unavoidable. Establishing an exit method is vital, specifically one that develops value for your family and does not leave behind partners and clients in chaos upon your departure.
The Magic Ingredient

A Buy-Sell Agreement (also referred to as a buyout contract) is basically a binding arrangement between partners (shareholders, members, partners, are used interchangeably here) where each agrees to acquire the interests of a withdrawing or deceased investor. The magic component to successful completion is to enter into a Buy-Sell Arrangement prior to it is apparent which owner will be the very first one to leave (due to death, health problem, loss of license, etc.) so that the terms are relatively negotiated amongst all partners not knowing whether they will be the buying or the offering partner. The Buy-Sell Contract outlines the buyout sets off: most normally death or disability but it can also be triggered by retirement, divorce or termination of work by the entity. In addition, Buy-Sell Agreements develop buyout terms including price and payment period.
Ensuring Value

Are You Accountable for Your Moms and dad’s Care?

In some sense, many of us feel emotionally or culturally responsible for taking care of our aging parents in both a physical and monetary sense nevertheless, did you understand that you may be lawfully accountable for their care? If you did not know that then you are not alone– the majority of people are not mindful that they may have a legal duty to offer monetary care to a moms and dad. This legal obligation originates from state filial obligation laws.

Filial responsibility laws presently exist in over half of all American states.The staying states might think about enacting a filial obligation law in the years to come considering the financial concern that senior care is placing on state resources.A filial obligation law is a law that enforces a legal duty on an adult child to look after an indigent parent.In practice, what does this mean?It implies that a nursing home,long-term care facility, home doctor, or perhaps the state itself might come after you for a costs at some point.That’s what happened in a current Pennsylvania case where the court ultimately decided that an adult kid was accountable for a $93,000 nursing house bill left by his mom when she died.
Most filial responsibility laws have been around for a long time however were little secondhand. Given the strain that care of the elderly is putting on state economies, courts are dragging up those laws and utilizing them with more frequency.Some laws even allow a court to send out someone to jail for violation of the law; nevertheless, a more most likely outcome is to discover yourself unexpectedly responsible for a hefty retirement home or long-lasting care bill.

The good news in all of this is that there are methods to avoid finding yourself in court dealing with a filial obligation lawsuit. With mindful estate planning, you might be able to secure your estate possessions and supply quality look after your parents.Using irreversible trusts, possession defense trusts and cautious Medicaid planning can considerably reduce the possibility of finding yourself suddenly accountable for a huge bill after a parent dies.Take the time now to talk to your estate planning attorney prior to it is too late to plan accordingly.

Stieg Larsson– Another Example of Why Estate Planning is So Essential

In case the name doesn’t call any bells offhand, Stieg Larsson is the author of the granting winning unique turned movie, The Lady with the Dragon Tattoo. Larsson was a Swedish journalistic all his life who turned author literally months prior to his death. Ultimately, his estate was valued at upwards of $50 million and climbing; however, his lifelong partner didn’t receive a dime as an outcome of Larsson’s absence of an estate plan.

Larsson was a controversial journalist throughout his life who, like lots of writers, decided to compose a novel in his extra time later on in life. The publishing rights for the novel were bought quickly prior to his death. Larsson died of a heart attack in 2004, simply months before his very first novel escalated to the top of the charts all around the world. Hollywood soon acquired the rights to turn the book into a film. Larsson had already finished a 2nd and 3rd book in the series prior to this death. A 4th book was practically completed.
Although Larsson had actually obviously signed a Last Will and Testimony back in 1977, it was not experienced. Under Swedish law, that alone revoked the Will. Accordingly, Swedish law gave Larsson’s entire estate to his dad and brother. Apparently, Larsson had extremely little contact with either of them and certainly was not close to them.

Unfortunately, the someone that Larsson was close to received nothing under Swedish law. Larsson’s sweetheart of 30 years, with whom Larsson lived at the time of death, was not entitled to anything considering that they were not legally wed. Paradoxically, they did not legally marry due to the fact that of legal requirements that needed their address to be revealed if they wed. Given the out of favor stance Larsson typically handled controversial subjects in his writing, the pair did not want to take the risk of making their address public.
Famous accounts of poor estate planning, or a total lack of estate planning, are plentiful. Even people with a considerable fortune often do not put in the time to take a seat and choose what they wish to be finished with that fortune when they pass away. Even if you do not have a fortune to ignore, do not miss the opportunity to choose who will receive your properties when you pass away and how they will get them. Talk with your estate planning attorney now, prior to it’s too late.

Raiders Will Be Guided by Mark and Carol Davis

Al Davis, the longtime owner of the Oakland Raiders, died on October 8 at his Oakland house at the age of 82. The Raiders have fallen on difficult times of late, however Al Davis crafted a tradition of winning over his 40 years as Raiders owner. The Raiders won an American Football League champion back before the merger, and after the NFL and AFL combined they recorded three Super Bowl titles.

Davis offered 20% of his interest in the Raiders a number of years ago, and the earnings from the sale are presumably part of his estate. There is a 35% estate tax to compete with, and with an exemption of just $5 million you are looking at a terrific deal of possible estate tax exposure when you examine the Davis situation.
Oftentimes the successors to such a big ownership percentage have to sell the team in order to pay the estate tax. Davis’ wife, Carol, and his boy, Mark, will take the helm and the Davis name will continue to be inextricably intertwined with that of the Oakland Raiders.

Pro football franchise ownership puts one in rarefied financial business to be sure.