When Aretha Franklin passed away in 2018, it was believed that she had no will. That meant her estate would be divided among her surviving heirs – four sons, one of them disabled and under legal guardianship. However, several years after her death, two different...
E/O Hart & Hart Marital Trust
Decedent was married to his second wife at the time of his passing. Decedent executed a Power of Attorney while he was alive, naming his second wife as his agent. Children believed that second wife used the Power of Attorney to improperly transfer funds belonging to decedent and/or the Marital Trust that he created. Parties agreed to court ordered Mediation. During the mediation, parties reached a settlement regarding the accounting proceedings, compulsory accounting proceedings, Marital Trust issues and issues regarding a retirement home refund.
Use of Mediation to avoid unnecessary court costs.
Parties agreed on a settlement. Big win for our clients was getting the second wife to agree to pay out the refund early and not make our clients wait until she passed away to receive.
Smith Legacy Law:
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Many parents wonder whether and when their children have to pay taxes. Children who earn wages pay taxes if their income exceeds their standard deduction, however, where children have unearned income, such as from investments or interest on bank accounts, they may owe...
When it seems like you’ve exhausted all tax-saving strategies, there still may be another one left. It’s called an Incomplete Gift Non-Grantor Trust (ING). An ING is an irrevocable trust designed to reduce or eliminate state income tax. It is typically used by...
Thanks to extensive press coverage, you have probably heard of the lawyer who submitted a legal brief prepared using ChatGPT that cited cases that didn’t exist. ChatGPT just made them up. Artificial intelligence (“AI”) tools like ChatGPT are increasingly being...
The failure of several banks in early 2023 raised fears among many individuals and businesses that their cash deposits were at risk. Most depositors were covered by FDIC insurance but others were not. The best way to protect your cash holdings is to understand the...
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