The IRS determined that Prince’s estate is worth $163.2 million, well above the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
A Clark County judge has awarded Tony Hsieh’s father and brother administrative duties to begin the process of sorting out the Las Vegas visionary’s vast wealth and estate, after he died last week and left no known will or estate documents.
The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.
Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
The Tax Cuts and Jobs Act of 2017 changed a lot of rules, but one thing remains the same: It is exceedingly difficult to evade the long reach of the taxman.
A common misconception is that you do not have to probate a will when your spouse dies.
Changes in tax laws could be affecting—and outdating—your clients’ wills and bequeathing plans.