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?
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?
Cecil B. DeMille (1881-1959) - Film Director & Producer Cecil DeMille was an American film director and film producer in both silent and sound films. DeMille began his career as a stage actor in 1900. He later moved on to writing and directing stage productions. He directed his first film, The Squaw Man, released in 1914, and would go on to direct dozens of silent films before transitioning to sound films in 1929. DeMille was renowned for the flamboyance and showmanship of his movies. … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Do I Know When My Parent Needs A Guardian?
Deciding when a parent needs a guardian is never an easy decision to make. If you fail to step in, however, your parent could be physically injured or financially victimized by unscrupulous individuals who prey on the elderly. For these reasons, it is best to be proactive if you suspect that a parent’s physical or mental health has deteriorated to the point where a guardian may be needed. The average American lives much longer now than was the case a century ago. Living longer, however, doesn’t … [Read more...] about How Do I Know When My Parent Needs A Guardian?
Famous Estates – Legacy Champ or Chump?
Eli Broad (1933- ) - Businessman & Philanthropist Graduating cum laude from Michigan State University, with a degree in accounting, Eli Broad went on to become the youngest Michigan resident to have attained the credentials of Certified Public Accountant (CPA). In 1957, Broad went into business with Donald Kaufman, who was a home builder and related to Broad’s wife, Edythe. Broad financed his end of the enterprise with $25,000 borrowed from his wife’s parents, which eventually led to … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Do I Fund My Trust?
In years past, trusts were used almost exclusively by wealthy families as a tool to pass down the family fortune while avoiding estate taxes and retaining some degree of control over the assets held by the trust. Trusts have come a long way, however, since those days and are now commonly used by anyone creating a comprehensive estate. If you are contemplating the addition of a trust in your estate plan you may be wondering how you fund your trust. Funding a trust is actually very simple. A … [Read more...] about How Do I Fund My Trust?
