Helen Grace Hunt (1949- ) and Swanee LaKelly Hunt (1950- ) - Philanthropists The Hunt sisters, daughters of Texas oil mogul H.L. Hunt, were born and raised in Dallas, Texas. Swanee Hunt has a BA in philosophy, two master's degrees, and a doctorate in theology. Hunt is also an expert on women in politics, having conducted research, training, and consultations with women leaders in some 60 countries. She is the chair of the Washington-based Institute for Inclusive Security (including … [Read more...] about Famous Estates – Legacy Champ or Chump?
What Is the Cost When One Spouse Dies?
When a spouse dies, there are practical and legal considers that must be addressed amidst the grieving. The decedent’s estate must be probated, for example, and estate taxes paid, when applicable, to the federal government. In fact, one of the most important reasons to create a comprehensive estate plan is to decrease the estate’s exposure to both the probate process and the payment of estate taxes. People often wonder “What is the cost when one spouse dies?” The answer … [Read more...] about What Is the Cost When One Spouse Dies?
What Is a Letter of Instruction?
An estate plan is made up of a number of legal documents that contain the instructions necessary to determine things such as the division of your estate assets after death or who will control those assets should you become incapacitated. While all of these legal documents are necessary to ensure that your wishes are honored, there may be additional information that you wish to leave behind that is not included in any of the plan documents. This is where a Letter of Instruction comes in … [Read more...] about What Is a Letter of Instruction?
Life Care Planning in Houston
As the population of Texas ages, life care planning in Houston is becoming an increasingly important service. The fact is that the majority of senior citizens will eventually need assistance with their day-to-day needs. Sometimes family members and friends can provide help, but sometimes, this is simply not possible despite the best efforts of everyone involved. Paid in-home caregivers can be engaged under some circumstances. In other cases, people who need help with daily activities will be … [Read more...] about Life Care Planning in Houston
Who Is the Trustee of My Family Wealth Trust?
Trusts are a common addition to a comprehensive estate plan because of the numerous and varied benefits a trust offers as well as the flexibility offered by the terms of a trust. Although the name implies the need to be “wealthy”, family wealth trusts are frequently used by families with moderate to large estates as a way to pass down the family assets. If you are considering the addition of a family wealth trust to your estate plan, you may be asking yourself “Who is the trustee of my family … [Read more...] about Who Is the Trustee of My Family Wealth Trust?
Should I Have an Advanced Directive?
During the course of a lifetime, we make millions of decisions. Many of those decisions are relatively unimportant; however, some of them change the direction of our lives. We all take the ability to make life-altering decisions for granted. What happens, however, if you suddenly become incapacitated and are unable to make life-altering decisions for yourself? Who would you want to make those decisions for you? What decisions would you want that person to make? You likely have some rather strong … [Read more...] about Should I Have an Advanced Directive?
Erle Stanley Gardner (1889-1970) – Lawyer & Author Erle Gardner was an American lawyer and author of detective stories, like his best-selling Perry Mason series. He attended law school for approximately one month, then settled in California where he became a self-taught attorney and passed the state bar exam in 1911. He opened his own law office in Merced, California, then worked for five years for a sales agency. In 1921, he returned to the practice of law, creating the firm of Sheridan, Orr, Drapeau and Gardner in Ventura, California. Gardner later gave up the practice of law to devote full-time to writing. Even though Gardner gained popularity with his detective series, consider what happened to his estate. 35% Shrinkage of the Estate $1,795,092 Gross Estate $ 636,705 Total Settlement Cost $1,158,387 Final Estate Value Erle Gardner was a famous author, but even well-known authors an fail to properly plan. If you want to minimize your estate planning taxes and/or avoid the probate process, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.
Philip Berber (1958- ) - Businessman & Philanthropist Philip Berber is an Irish millionaire and philanthropist. Berber attended University College Dublin and graduated with a Business Communication degree. In 1984, he set up a high-tech London-based company, Financia, which was bought in 1991 by Frontier Financial of Houston. Berber set up CyberCorp in 1995, and it was one of the first online trading firms for retail investors. In 2000, he sold the firm to Charles Schwab in 2000 for $488 … [Read more...] about Erle Stanley Gardner (1889-1970) – Lawyer & Author Erle Gardner was an American lawyer and author of detective stories, like his best-selling Perry Mason series. He attended law school for approximately one month, then settled in California where he became a self-taught attorney and passed the state bar exam in 1911. He opened his own law office in Merced, California, then worked for five years for a sales agency. In 1921, he returned to the practice of law, creating the firm of Sheridan, Orr, Drapeau and Gardner in Ventura, California. Gardner later gave up the practice of law to devote full-time to writing. Even though Gardner gained popularity with his detective series, consider what happened to his estate. 35% Shrinkage of the Estate $1,795,092 Gross Estate $ 636,705 Total Settlement Cost $1,158,387 Final Estate Value Erle Gardner was a famous author, but even well-known authors an fail to properly plan. If you want to minimize your estate planning taxes and/or avoid the probate process, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.
When Does a Trust End or Terminate?
If you are considering the addition of a trust to your estate plan you will have numerous decisions to make when creating your trust. Many of those decisions will dictate what type of trust you ultimately create. The type of trust you create, in turn, will impact whether or not the trust can be modified as well as when and how the trust will terminate. Trusts come in two forms – testamentary trusts and inter vivos (living) trusts. In addition, a trust can be revocable or irrevocable. A … [Read more...] about When Does a Trust End or Terminate?
Can You Gift Money Each Year to Your Children Tax-Free?
One common goal of estate planning, aside from deciding who will receive your estate assets when you die, is tax avoidance. Failing to consider the impact of gift and estate taxes on your estate plan can be catastrophic considering the fact that estates are taxed at a 40 percent tax rate. For anyone with a moderate to large estate a significant portion of the estate can be lost to taxes without careful planning. One estate planning tool that is frequently overlooked is the annual gift tax … [Read more...] about Can You Gift Money Each Year to Your Children Tax-Free?
Famous Estates – Legacy Champ or Chump?
John Paul Jones DeJoria (1944- ) - Businessman & Philanthropist John Paul DeJoria is an American billionaire businessman and philanthropist best known as a co-founder of the Paul Mitchell line of hair products and The Patron Spirits Company. After going through a rough adolescence, DeJoria fought to overcome his tribulations. After two years in the Navy, followed by a series of jobs ranging from janitor to insurance salesman, he entered the world of hair care as an employee of Redken … [Read more...] about Famous Estates – Legacy Champ or Chump?
