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February 2015 Archives

Ernie Banks' children, caregiver battle over his estate

California baseball fans may have heard that the will of Chicago Cubs baseball great Ernie Banks is the subject of a tumultuous fight in Illinois. Banks, affectionately known as Mr. Cub, died of a heart condition on Jan. 23 at the age of 83.

Estate planning consideration

As many California residents know, the Internal Revenue Code contains provisions that deal with the imposition of taxes on certain transfers of property from one person to another. The estate tax applies in some cases to transfers made from an estate after the owner's death, while the gift tax is imposed on transfers made while the giver is still alive. In each case, there are certain exemptions, exclusions and credits that may apply.

Estate planning ideas from the Robin Williams case

The late Robin Williams had prepared for his eventual death with careful estate planning, drawing up an estate plan that included a prenuptial agreement, trusts and an updated will. Even his careful preparations did not prevent well-publicized squabbles. Estate plans focus on high monetary value items. However, the personal items often cause disagreements. Californians can learn three things from this example for their own estate planning.

Lessons from celebrity estate plans

California residents might be able to learn something about estate planning by observing what has happened in that regard to certain celebrities. Although the average person will leave behind fewer assets than a movie star, there are still many valuable lessons that can be learned from the way that celebrities planned or failed to plan their estates.

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