estate planning Archives

Court Refused to Buy Estate’s Dirty Art Valuation

The Estate of Eva Franzen Kohlman included two Old Master paintings, Village Kermesse with Dance Around the Maypole (“Maypole”) and Orpheus Charming the Animals. Both were filthy on the day of death. The Estate’s expert appraiser, George Wachter, claimed that the dirt…

Daughter Has Standing to Challenge Mom’s Last-Minute Disinheritance

Back in the 1980s, Joan Lee Maynord and her husband Bob set up a family trust for their six children. After Bob’s death in 1993, sole trustee Joan oversaw it for two decades, with all of their children designated as…

Kids Prevail Over Christian School, Church, Ole Miss, and Boykin Spaniels

Barry Blackburn was fighting late-stage cancer when he asked his aide for a will to preserve his “family legacy”: hundreds of acres of farmland and lakefront properties in Alabama, Mississippi, and Tennessee that had been in the Blackburn family since…

She Waited for Her Family to Make It Right—Big Mistake

It seemed ideal for family gatherings: a log-cabin near Yosemite. Richard Harley, in his role as trustee, bought it with funds from his parents’ family trust and put it in a separate trust—apparently without informing all of his siblings. He…

Son Loses His Family War Over Dad’s Advances on Inheritance

Many parents use the word “consequences” to try to make children think twice about the decisions they make. David Sachs followed through for real. Anything he gave to his kids was added to what he called his “Permanent Record.” When…

Tax Reform Highlights for Those Who Will Die One Day

Estate Tax: Give a Little More to Your Loved Ones Or lawmakers have again reduced taxes on intergenerational wealth transfers. The exclusion from estate, gift, and generation-skipping tax is now $11.2 million per person ($22.4 million for couples). The…

Estate Planning Corner: Subtrusts, Tax Planning and More

When is a Win not a Win? Leland Babbitt’s estate was divided into two subtrusts upon his death–one for his wife Mary Lynne and the other for his daughter from a prior marriage, Carol. Mary Lynne was entitled to the…

Estate Planning Corner: The Times, They Are A-Changin'

Court of Appeal Welcomes Women to Generous Men’s College Bob Dylan did not tell school trustees to heed the call that “The Times They Are A-Changin.” But a California Court of Appeal did. Women may now attend Deep Springs…

Donald Sterling Update: Appellate Court Confirms Clippers’ Sale

A probate judge had ruled Donald Sterling incompetent to manage his own trust, which included ownership of the Los Angeles Clippers. Sterling’s wife Shelley then became sole trustee and, though he tried to revoke the trust, she sold the team…

Estate Planning: Keep Buildings in the Family Without Tearing Your Family Apart

Real estate is a valuable asset and a blessing, but it can become a curse that causes family strife if ownership is not clearly spelled out in your trust. Consider a recent California Supreme Court case in which a man…

Victory Over IRS in Estate Appraiser Dispute

Many people think the IRS is just too big to beat, and that when the tax collector sends you a bill, you better just pay up instead of trying to defend yourself. But like David bravely fighting Goliath, some taxpayers…

Interesting News from the World of Estate Planning

Learn from Zsa Zsa’s Family Conservatorship Feud Anyone who has a lot of money and gets married nine times (as legendary actress Zsa Zsa Gabor has) can expect a family fight or two about money. Gabor’s current husband, Prince Frederic von Anhalt, and estranged daughter Francesca Hilton…