Five Wishes

Interesting piece in the DMN this morning by Virginia Hammerle about why Five Wishes doesn’t work in Texas and why you need to do your own end of life planning and not rely on Five Wishes.

Prince Knew Law Firms Just Wanted His ‘Extra Time’ | Big Law Business

  One question we had was who would get his fortune, estimated to be worth $300 million, according to the Celebrity Net Worth website and as earlier reported by The International Business Times. The Business Times explained how Prince’s death in Minnesota, where he grew up, might influence how his assets are divvied: Prince, 57, died in his home state of Minnesota, where, in the absence of a will, inheritance laws determine how an estate is divided. He reportedly died … Continued

Michael Jackson’s estate faces billion-dollar legal battle with IRS

  And you thought your taxes were a pain. Michael Jackson’s estate is facing off with the IRS in what looks to be a massive legal battle over back taxes. At the time of the musician’s death, the estate claims it was worth just $2,105 due to Jackson’s massive debts. The IRS is claiming a much higher number: $434 million, according to The Hollywood Reporter. Needless to say, the two sides disagree on a lot — so much that many … Continued

Estate Planning and Administration – Be Prepared for the Year That Follows the Death of a Loved One – Lexology

  The loss of a loved one is a traumatic event and it can be among the most challenging of times to make important financial decisions. Proactive planning with an attorney and financial planner can significantly lessen the burden. Here are a few things to consider. Be Prepared for the Immediate. Even if you have prepared, following a death, there are several steps that generally require immediate attention. These include (1) funeral arrangements, (2) guardianship of minors (3) liquidity needs … Continued