On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Planning on Thursday, February 16, 2012
The death of singer Whitney Houston late last week has sparked renewed interest in the entertainer's music. Her best-known song "I Will Always Love You" quickly became the most-downloaded song on iTunes on the eve of the Grammy Awards. But even before the singer's funeral could take place or the cause of her death could be established, speculation had already begun about what it would mean for her estate's earnings. After all, many musicians have experienced something of a morbid career renaissance after their deaths.
Many celebrities continue to generate income long after their deaths thanks to books, recordings or even the use of their likeness to sell products. Michael Jackson, no stranger to creating successful music himself, also had a large stake in a music publishing company that continues to be profitable for his estate. Elizabeth Taylor's fragrance business will live on even though the actress does not.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Will Execution on Thursday, February 9, 2012
Children in New York and around the country--indeed, around the world--are taught at an early age of the bravery and courage of Rosa Parks, the African American woman who famously refused to give up her seat to a white man on an Alabama bus in 1955. Her act lit a fuse on the civil rights movement and brought a young preacher named Martin Luther King, Jr., to prominence.
Unlike King, Parks herself lived to old age, eventually settling in Michigan. While in her life she was often regarded a symbol of the civil rights movement, unfortunately since her death she has mostly been the subject of battles among her family and friends over her estate and the execution of her will. While Parks did not make a great deal of money in her lifetime, her possessions are valuable artifacts of a crucial time in American history.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Planning on Friday, February 3, 2012
Nobody intends to make financial mistakes when it comes to funding their retirement. Unfortunately, a lot of people who are retired or are approaching retirement age in New York simply haven't done the preparation that they need in order to make sure that they have enough security for the remainder of their lives.
Estate planning is a big component of a comprehensive wealth preservation strategy and is best handled by a professional. But many people don't think about how their plan for directing assets after their death needs to include a crucial step: preparing for what could be several decades of retirement. Health care costs, for example, can take up a giant bite of retirement savings that retirees don't always consider ahead of time.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Probate Litigation on Sunday, January 29, 2012
A woman who had been appointed as the executor of her mother's estate was sentenced to jail last week because she lied to a probate judge about the money she was responsible for distributing to her siblings. The woman's mother had died in 2006 of cancer, after she had allegedly been misdiagnosed. The family won a wrongful death settlement, which after legal fees was over half a million dollars.
The woman was appointed as administrator of her mother's now-sizeable estate, and she was supposed to issue checks to her sister and two brothers, as well as herself, for about $138,000. However, she only gave them each about $60,000, as well as giving a similar amount to her father.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Trust Administration on Thursday, January 26, 2012
Much has been made recently of the major candidates for president and the release of their income tax records. Particular attention has zeroed in on Mitt Romney, whose income in recent years dwarfs that of one of his chief rivals for the presidential nomination, former Speaker of the House Newt Gingrich, as well as President Obama. But in addition to the income he has made, Romney and his advisers have structured trust accounts that are very advantageous to his children and their future income.
Romney has three trusts into which he has placed assets, with his children listed as beneficiaries. Any income that the trusts generate leads to a tax obligation for Romney. By paying those taxes now, Romney is able to transfer his children money that is free of gift taxes.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Planning on Thursday, January 19, 2012
A lack of careful estate planning can lead to unexpected expenses at a time when people are often unprepared to cover them. Such is the case with a New Jersey couple who delayed getting married until they moved to Florida. Unfortunately, the man died before the wedding could take place, and a gift of over $1 million worth of stock he made while still alive was considered to be part of his estate and therefore subject to state inheritance tax--leaving the woman on the hook for a tax bill of over $200,000.
The application of the tax came about because of a series of events--perhaps more accurately, a series of non-events. Had the couple been married in New Jersey, the woman would have been exempt from state inheritance tax as a spouse. If they had been able to establish residency in Florida and marry there, they would have been in the clear as well, because Florida doesn't have a state inheritance or estate tax.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Administration on Wednesday, January 11, 2012
Porgy and Bess have new life on Broadway--but it's not all about the music. The heirs of George and Ira Gershwin, as well as descendents of other famous but long-deceased composers, have been busy in recent decades polishing old music into new moneymaking opportunities in New York and elsewhere.
In the case of the Gershwin brothers, neither of whom had children themselves, it is mostly the nieces, nephews and their children who have been reaping the benefits. George Gershwin died in 1937 without a will, but despite a lack of estate planning, music written by him and his brother (who died in 1983) continues to make millions of dollars for the Gershwin family today.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Planning on Friday, January 6, 2012
Many New York residents do not like to think about the notion of having to prepare their final wishes--after all, estate planning conjures up feelings of planning for one's own death. While preparing a will may seem like a morbid task, the last thing anyone in New York wants to happen after they've died is to have their final wishes not honored.
The problem that comes with not conducting proper estate planning is the questions that will arise surrounding these issues for the estate. If there are family members or potential heirs left behind, family squabbles may occur that can literally drag on for decades through the court system. Even if someone does not have an actual "estate" per se, there are still many considerations to be made--making sure bank accounts, insurance companies and other financial instruments are taken care of.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Estate Planning on Friday, December 30, 2011
Elder law and estate planning are important to many New York residents. These topics are for everyone, regardless of sexual orientation. For many in the LGBT community, these issues are becoming important as they reach retirement age. In a recent study, it was revealed that gays and lesbians in the millions will be reaching age 65 during the next two decades. Many of those people are worried about their future.
In this study, an estimated 20 percent of those approaching retirement age are not sure if they will be cared for or be able to care for themselves financially. The LGBT community has the same needs as others when it comes to long-term care, senior housing and estate planning. Some states have started addressing these concerns.
On behalf of Law Offices of Steven M. Adler, PLLC posted in Trust Administration on Monday, December 19, 2011
In New York probate and estate administration, there is typically someone appointed either by the court or through the wishes of the deceased who is supposed to act on behalf of the estate. That includes ensuring that the heirs receive what is rightfully theirs, and that rightful claims against the estate are satisfied. To help illustrate this, it may well be worthwhile to examine the actions of the trustee who is acting on behalf of the estate of Bernard L. Madoff Investment Securities LLC.
In this case, the trustee is not acting on behalf of the estate of a deceased person but rather of a bankrupt company. Nonetheless, the duties remain largely the same. Here, the trustee is attempting to satisfy the claims of creditors. These creditors are the customers who lost money due to the criminal conduct of Madoff as he carried out his infamous Ponzi scheme.
