Harold Whitworth Pierce (1885-1958) - Banker & Philanthropist Harold Pierce lived in Milton, Massachusetts, and was a partner at Tucker, Anthony & R.L. Day, a Boston investment banking and brokerage firm. When he died in 1958, Pierce left his estate to endow The Harold Whitworth Pierce Charitable Trust. The Trust offers grants primarily for projects that will produce long-range benefits through leverage of the Trust’s resources. Grants are made in the areas of education, green and … [Read more...] about Famous Estates – Legacy Champ or Chump?
Princess Diana (1961-1997) - Children’s Activist Diana Frances Spencer is a wonderful example of someone utilizing their wealth to create a lasting legacy. In the late 1980s and early 1990s, Diana became known as the "Peoples Princess" due to her warmth and tireless work for a variety of charities. She represented the International Red Cross and has been praised for her support for battered women and the homeless. Among other causes, she was the voice for victims of AIDS and land mines. A prime … [Read more...] about Famous Estates – Legacy Champ or Chump?
Karen Carpenter (1950-1983) - Singer & Drummer Karen and her brother, Richard, formed the 1970s duo known as "The Carpenters." She was a drummer whose skills earned her admiration from her peers, although she was better known for her vocal performances of idealistic romantic ballads. Karen suffered from anorexia nervosa, an eating disorder of extreme weight loss dieting, which was a little-known illness at the time. She died at age 32 from heart failure, caused by complications related to … [Read more...] about Famous Estates – Legacy Champ or Chump?
If you live long enough, there is a fifty-fifty chance that you will end up with some form of dementia. You will not be capable of handling your own finances. It is a possibility that you need to plan for. You should have a General Durable Power of Attorney in place so that someone you designate can handle your finances. However, what if unexpected costs occur and you run out of money? You should have a plan for that possibility as well. One thing that you might want to consider is an annuity. … [Read more...] about Do You Need an Annuity?
If you work in estate planning long enough, you will eventually hear about new things that you never considered. One thing that very few people think about is the possibility of posthumous children. These are children that are born after the parent in question has passed away. Laws dealing with posthumous children have long been on the books. It is not unusual to pass away while a woman is pregnant with his child. It is also not unusual for a woman to die in childbirth. These things have always … [Read more...] about Posthumous Children
Poorly planned estates invite Probate costs and litigation. The estate often has to pay taxes, court fees and attorneys' bills. The people fighting over the estate have attorneys' fees of their own to pay. However, all of that is just money. There is a far more important cost to bad estate plans that people should consider: the costs to familial relationships. Most estate litigation pits family members against each other, and it is often family members who previously got along with each other. … [Read more...] about The Hidden Costs of Bad Estate Plans
Henry Heinz (1844-1919) - Founder H. J. Heinz Company In February 1876, Henry Heinz joined his brother John and cousin Frederick and launched the F. & J. Heinz Company. By 1888, Heinz had bought out his partners, renamed the company H.J. Heinz, established a relationship with retailers in England, and began construction of a factory on the Allegheny River. His benevolent management style made H.J. Heinz company a pioneer in labor relations. Workers were treated well and afforded comforts … [Read more...] about Famous Estates – Legacy Champ or Chump?
There are crimes that make you silently shake your head, like minor traffic violations. There are other crimes that make you wonder what this world is coming to, like elderly abuse. A recent case out of New York is one of the latter. Michael Ostrowski was appointed to be the guardian of his grandfather who has dementia. This is rather ordinary and happens in Probate Courts every day. What is not ordinary is what Ostrowski did with that guardianship. He used it to steal approximately $300,000 of … [Read more...] about Protect Yourself From Elder Abuse
William Holden (1918-1981) - Actor William Holden was one of the most popular and well known movie stars of all time. His career took off in 1950 when Billy Wilder tapped him to star in Sunset Boulevard, for which Holden earned his first Best Actor Oscar nomination. Following this breakthrough film, he starred in Stalag 17, which he won the Academy Award for Best Actor. In 1974, he starred in the critically acclaimed disaster film The Towering Inferno, which was one of the highest grossing … [Read more...] about Famous Estates – Legacy Champ or Chump?
New IRS regulations make leaving money to charity in a Will or Trust a little bit more complicated. The Will or Trust now needs to detail the source of the money that is to be used for charitable purposes. To qualify as non-taxable, that income source must have an independent economic effect, which basically means that the contribution cannot merely be to avoid paying income tax on the money. The reason for the new rule is because of Charitable Lead Trusts. These are instruments that people … [Read more...] about New IRS Regulations on Charitable Bequests