Sometimes it takes the law a significant period of time to catch up with changes in society or public opinion. Such has been the case with the issue of legalization of marijuana and/or medical marijuana use. Though surveys and studies have shown for years that the majority of people are in favor of decriminalization of marijuana, at least to some extent, the laws across the United States are just beginning to reflect those opinions. Just as the laws have taken some time to catch up, insurance … [Read more...]
Why and IRA Makes an Excellent Estate Planning Tool
We all know that one of the biggest considerations in an estate plan is avoiding taxes. Your estate assets at the time of death are potentially subject to estate taxes which is why any complete estate plan must look for ways to avoid taxation. One tool you may wish to include in your estate plan that can help avoid taxes is a Roth IRA. Many people choose to make contributions to an individual retirement account, or IRA, to help fund their retirement. A Roth IRA can accomplish that goal; … [Read more...]
Divorce and Previously Drafted Wills in Texas
As a domicile of Texas, you may be able to rely on the state’s probate laws to a limited extent should you divorce. Almost all estate planning lawyers will recommend periodic reviews of estate planning documents. Your estate planning attorney will most likely ask you to review your estate plan during or after important life-changing events. One of these events is divorce. At least one time after your divorce, you should sit down with your estate planning attorney to review your estate plan. … [Read more...]
Famous Estates – Legacy Champ or Chump?
Sam Walton (1918-1992) - Businessman & Entrepreneur Sam Walton was the founder of the Wal-Mart and Sam’s Cub retail chains which are located throughout the United States, Mexico, Canada, Argentina, Brazil, South Korea, China, and Puerto Rico. Walton’s management style was popular with employees and some of his basic management concepts are still in use today. After taking the company public in 1970, Walton introduced his "profit-sharing plan," which was a plan for Wal-Mart employees to … [Read more...]
Famous Estates – Legacy Champ or Chump?
Audry Hepburn (1929-1993) - Actress Audrey Hepburn was an accomplished actress who was one of the few to win an Academy, Emmy, Grammy, and Tony award. Ms. Hepburn devoted most of her later life to UNICEF, an international charity that provides long-term humanitarian and developmental assistance to children and mothers in developing countries. Audrey had a passion for humanitarian work and spent time in Africa, South America, and Asia. In late 1992, she received the Presidential Medal of Freedom … [Read more...]
Famous Estates – Legacy Champ or Chump?
Alexandra Scott (1996-2004) - Advocate for Pediatric Cancer Research Alexandra "Alex" Scott was an American cancer patient who, at the age of four (4), started a lemonade stand to raise money for childhood-cancer research. She died of neuroblastoma at the age of eight (8). Since her death, Alex’s Lemonade Stand Foundation has collected more than $50 million to fight pediatric cancers. Each year "Lemonade Days" occurs where people all over the nation set up lemonade stands to raise money … [Read more...]
Update Your Estate Plan After a Divorce
No one ever plans on getting divorced, but it is a fact of life that can happen to anyone. You may think that you have all of your affairs in order after your divorce. However, you should take the time to revisit your estate plan to make sure that it still does what you want it to. Under most circumstances, any provisions in your Will that leave property to an ex-spouse will be stripped from the Will. Your ex-spouse will not inherit from you. However, that leaves the question open as to who … [Read more...]
Famous Estates – Legacy Champ or Chump?
Sonny Bono (1935-1998) - Recording Artist/Record Producer/Politician Sonny Bono began his music career at Specialty Records where his song "Things You Do to Me" was recorded by Sam Cooke. He went on to work for the record producer Phil Spector in the early 1960s as a promotion man and percussionist. He received commercial success with his then-wife Cher, as part of the singing duo Sonny and Cher. Bono wrote, arranged, and produced a number of hit records with singles like "I Got You Babe" and … [Read more...]
LGBTQ Couples Need Powers of Attorney
Most people will reach a point in life where they are no longer able to manage their own financial affairs and make their own health care decisions. By law, your spouse can often step in and make those decisions. But, for members of the LGBTQ community that is not an option everywhere. Instead LGBTQ need to have legal documentation if they want their partners to take care of things. A General Durable Power of Attorney is the appropriate document to state who you want to manage your financial … [Read more...]
LGBTQ Couples Need Powers of Attorney
Most people will reach a point in life where they are no longer able to manage their own financial affairs and make their own health care decisions. By law, your spouse can often step in and make those decisions. But, for members of the LGBTQ community that is not an option everywhere. Instead LGBTQ need to have legal documentation if they want their partners to take care of things. A General Durable Power of Attorney is the appropriate document to state who you want to manage your financial … [Read more...]
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