Many of the Los Angeles County residents who come to see us here at the law offices of Alice A. Salvo have worked hard their entire lives to be able to offer some bit of an estate to their children. What many don’t understand is that even if one has a prepared a will and named beneficiaries, it is possible that the expenses of both life and death can end up depleting the assets to one’s estate before they’re ever able to be distributed. In this post, we’ll examine exactly how estate depletion occurs, and what, if anything, can be done to avoid it.
California residents who are concerned about issues with estate beneficiaries may wish to know the results of an estate planning survey of wealthy Americans. Their views on whom to leave their assets to and how much to give may be instructive.
California heirs and trust beneficiaries may be interested in some information about the notification responsibilities that a trustee has in trust administration. These responsibilities can affect a beneficiary's rights to the property contained in the trust, making them important to understand.
When people pass away in California, a probate court often decides what happens to their belongings. A main component of this process is deciding who are the beneficiaries of the estate. Children are usually considered heirs to an estate, even if the children are born after their parent dies. However, California law states certain conditions that must be met for children conceived and born after a parent's death to receive an inheritance.
Anyone holding a policy with a payout upon the death of the policy holder must designate beneficiaries to inherit the funds. In addition to naming beneficiaries for life insurance policies, retirement plans, annuities and IRAs, California residents should carefully consider how they select their heirs. To preserve a legacy, careful estate planning is essential.
Many California readers are familiar with the main documents used in estate planning. They are the will, the living will, the financial power of attorney and the health care power of attorney. Even if a person has what they believe is a legal, indisputable will, his or her heirs may not get assets intended for them. That is because the beneficiaries named in numerous financial documents have precedence over what is stated in the will.
California residents may be interested in a recent article that described how a deceased family member's unpaid bills may have a dramatic effect on inheritance. On most cases these expenses will simply consume a sometimes great portion of the inheritance the heirs are expecting. The most common debts include mortgage or medical debt, unpaid credit cards and unpaid taxes.
When actor Philip Seymour Hoffman died suddenly on Feb. 2 at age 46, he left behind his life partner Marianne and their three children. His net worth was estimated at $35 million and, in 2004, around the time their first child was born, he executed a will leaving everything to Marianne.
Blues fans may have heard about the dispute involving photographs of the legendary blues musician Robert Johnson. The dispute, which has been going on for nearly 25 years, involves the question of who has rights to the photographs. On one side of the dispute are the descendents of Johnson’s half-sister Carrie Harris Thompson. On the other side is Sony Music Entertainment; Delta Haze Corp., and Johnson’s sole heir, Claud Johnson.
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.