People often try to get a little bit too cute in ways to avoid taxes. This is true whether they are paying taxes now or whether they are trying to avoid taxes on their estates after they die. Unfortunately, the IRS does not give bonus points for looks. Trying to be cute, will result in trouble. No one wants trouble with the IRS, so talk to your estate attorney about making sure you do things right. One recent example of not doing things the right way is what happened to former Yankees pitcher … [Read more...]
Famous Estates – Legacy Champ or Chump?
Judy Garland (1922-1969) - Actor & Singer Renowned for her contralto voice, Garland attained international stardom through a career that spanned 45 of her 47 years as an actress in musical and dramatic roles, as a recording artist and on the concert stage. Respected for her versatility, she received a Juvenile Academy Award and won a Golden Globe Award as well as Grammy Awards and a Special Tony Award. She was nominated for the Academy Award for Best Actress for her role in the remake of A … [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?
Edith Altschul Lehman (1889-1974) - Philanthropist Early in her marriage to Herbert Lehman, Edith Lehman successfully organized a lay social service committee to take care of the family needs of hospitalized patients, which later led to the establishment of Mount Sinai Hospital's first professional social service department and to her many years of association with the hospital. She was involved with two other institutions that would become lifelong causes: the Henry Street Settlement, founded … [Read more...]
Famous Estates – Legacy Champ or Chump?
Elvis Presley (1935-1977) - Singer Elvis Presley began his career working with Sun Records' owner Sam Phillips. RCA Victor acquired his contract in a deal arranged by Colonel Tom Parker, who would manage the singer for over two decades. Presley is regarded as one of the most important figures of the 20TH century popular culture. He had a versatile voice and unusually wide success encompassing many genres, including country, pop ballads, gospel, and blues. He is the best-selling solo artist in … [Read more...]
Famous Estates – Legacy Champ or Chump?
John G. Shedd (1850-1926) - Businessman & Philanthropist In 1871, John Shedd arrived in Chicago and began working as a stock clerk for Marshall Field & Company. By 1901, he had worked his way up to vice president and took over as president upon Field's death in 1906. Under Shedd's presidency, Marshall Field became the largest wholesale and dry goods company in the world. Shedd was also a civic leader and founding member of the Commercial Club of Chicago, which continues to play an … [Read more...]
Famous Estates – Legacy Champ or Chump?
Rock Hudson (1925-1985) - Actor Rock Hudson was an American film and television actor who is most recognized as a romantic leading man during the 1950s and 1960s. His most notable films were Magnificent Obsession, Giant and several popular comedies with Doris Day. Hudson also starred in the popular television series McMillan & Wife along with a role in the hugely successful series Dynasty. The 6 ft 5 in tall actor was one of the most popular and well-known movies stars of the time. He … [Read more...]
Famous Estates – Legacy Champ or Chump?
Ralph Waldo Emerson (1803-1882) - Essayist & Poet Ralph Waldo Emerson gradually moved away from the religious and social beliefs of his contemporaries and began formulating and expressing the philosophy of Transcendentalism in his 1836 essay, Nature. Following this groundbreaking work, he gave a speech entitled The American Scholar in 1837, which Oliver Wendell Holmes, Sr. considered to be America’s "Intellectual Declaration of Independence." His works not only inspired his contemporaries … [Read more...]
Making it all Work Together
During the course of your life, you will have many different financial and legal plans. You will probably have some sort of retirement plan. Your plans will change all the time. What should not change is how you coordinate all of those plans. That is to say you need to make sure that all of your different plans work together. That includes your financial plan, your retirement plan, your estate plan, and any other legal or financial plans you might have. In all likelihood, your different plans … [Read more...]
Famous Estates – Legacy Champ or Chump?
Jim Valvano (1946-1993) - Basketball Coach Jim Valvano was an inspirational college basketball coach who showed the world that the little things in life are what matter. While the head basketball coach at North Carolina State University, he won the 1983 NCAA Basketball Tournament against all odds. Valvano is not only remembered for running up and down the court after winning that championship, seemingly in disbelief and looking for someone to hug, but also for his inspirational 1993 ESPY Awards … [Read more...]
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