The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. However, that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.
Steve Bing — who inherited $600 million from his real estate developer grandfather at the age of 18 — only had about $300,000 left to his name at his death, leaving him relatively broke.
Prince’s sudden death in 2016 triggered numerous court proceedings. First, probate documents had to be filed in court because Prince died without a will.
If you have not already been inundated with invitations to webinars, articles and newsletters regarding estate planning, you should consider doing so before the end of the year, since you undoubtedly will receive these over the next few months.
Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.
Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.
Retiring ahead of schedule may seem like a dream, but it is doable with the proper planning. Depending on when you were born, the normal retirement age is currently 66 or 67. If you’re planning to retire five, 10, or even 15 years early, one of the most important things to consider is how to make your savings last for the long haul.
The probate process refers to court proceedings that you have to go through when a loved one passes on, and they have left an asset in their name.
During estate planning, one of the situations that you must plan for is the possible sale of real estate, artwork, and especially operating family businesses. What is sometimes overlooked in planning is what happens after there has been such a sale.