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August 2013 Archives

IRS: Jackson estate $700 million deficient on estate tax return

Getting your numbers right on an estate tax return is an important thing to do. That makes sense of course. If you fail to report an estate’s assets accurately, the IRS will probably notice and come around asking about it. That is what is happening now with the estate of Michael Jackson, whose estate, according to the IRS, reported over $700 million less on its 2009 estate tax return than the IRS believes the estate should have paid.  

Retirement account mistakes can bring estate plan down

Because retirement accounts are often a significant portion of people’s estates, it is important for folks to understand the importance of correctly managing these accounts in the context of estate planning. Because handling retirement accounts requires an understanding not only of IRS regulations, but also Treasury Department regulations, doing so is not necessarily an easy process.

States, companies, attorneys work on dealing with digital assets

Digital assets are kind of the new topic in estate planning that everyone is talking about. There is good reason for this, of course, given that most of us have some form of online ownership. For some of us, there is a good deal of money tied up in online assets, which can include social media and email accounts, product images, photographs, office documents and spreadsheets, CAD files, music, and numerous other things.

Heirs of late artist lose copyright dispute with Marvel Comics

The heirs of the late comic book artist Jack Kirby reportedly lost an appeal of a case involving a dispute with Marvel Entertainment over the rights to certain famous comic book heroes. Kirby has been gone for some time, having died back in 1994, leaving a legacy of numerous comic book heroes with Marvel Comics. In 2009, Walt Disney Co. purchased Marvel for $4 billion, and has made a good deal of money from that purchase.