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Case Update: Jeffrey Epstein’s Estate

When the wealthy financier, Jeffrey Epstein, died under mysterious circumstances (the Medical Examiner determined that is a suicide, but many people are skeptical), he left behind a huge fortune close to $600 million, along with creditors and lawsuits. Just two days before his death, he signed his Will, which left his estate to his trust, the 1953 Trust. Because that Trust is not filed with the Court, its contents should remain private, barring litigation involving the Trust’s beneficiaries or trustee’s duties.

In the Will, Epstein is listed as a resident of the U.S. Virgin Islands. After his death, his Will was filed in the U.S. Virgin Islands, probably because his attorneys thought the probate process would be more private.

For regular people who are not rich or famous, privacy is still a huge deal. That is why many people opt for using trusts in their estate planning, instead of just relying on a Will.

Here are some important differences between a Will and a Trust:

Will characteristics:

  • A will goes into effect only after you die
  • A will only covers property that is in your name at your death
  • A will passes through a court process called Probate. In Probate, the court oversees the will’s administration and ensures the will is valid and the property gets distributed the way the deceased wanted.
  • Because a will passes through Probate, it’s a public record.
  • A will allows you to name a guardian for children (Note: Our firm recommends that in addition to this, you use a stand alone guardian nomination.)

Trust characteristics:

  • A trust can be used to begin distributing property before death, at death or afterwards.
  • A trust covers only property that has been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust.
  • A trust passes property outside of probate, so a court does not need to oversee the process, which can save time and money.
  • A trust remains private Unlike a will, which becomes part of the public record, a trust can remain private.

Secure your wealth, your legacy, and your family’s future

Regardless of how much or how little wealth you plan to pass on—or stand to inherit—it’s vital that you take steps to make sure that wealth is protected and put to the best use possible. We have unique processes and systems to help you put the proper planning tools in place to ensure the wealth that’s transferred is not only secure, but that it’s used by your loved ones in the very best way possible.

By working with us, you can rest assured that the coming wealth transfer offers the maximum benefit for those you love most.

Call our office today at (813) 902-3189 to schedule a Planning Session and mention this article to find out how to get this $500 session at no charge.

 

Update: Aretha Franklin’s Estate. 3 Handwritten Wills Found

In August 2018, music legend, Aretha Franklin, died of pancreatic cancer. At her death, her estate was worth over $80 million and it appeared that she died without a will or trust.  (We wrote about this in this article here.)

Recently, we learned that three handwritten wills were found in her home. The latest one is dated March 2014 and it was found inside a spiral notebook, under cushions. The document appears to give the famous singer’s assets to family members. However, the writing is difficult to decipher and there are words scratched out and notes scribbled in the margins.

It is unclear if this is a valid will under Michigan law.  A court hearing is scheduled next month to determine the validity of that document.

Even if the Court determines that the will is valid, there’s still the issue of federal taxes. The Internal Revenue Service is auditing many years of Franklin’s tax returns, according to the estate. It filed a claim in December for more than $6 million in taxes.

Ms. Franklin’s family remains hopeful that wise choices can be made on behalf of her rich legacy, her family and her estate.  Sadly, we may never know what her wishes were.

This article is a service of the Law Firm of Myrna Serrano Setty, P.A. We don’t just draft documents, we help you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Call our office today to schedule a Planning Session. Mention this article to learn how to get this $500 session at no charge. 

Call us at (813) 902-3189.

When your loved one is living with dementia.

Maria Shriver knows the devastation of Alzheimer’s disease firsthand.  Her beloved father Sargent Shriver, founder of the Peace Corps and one-time candidate for Vice President of the United States, died of the disease in 2011 after being diagnosed in 2003.

Often called “the long goodbye,” Alzheimer’s disease affects more than five million Americans and its prevalence will continue to grow with the aging population.  Shriver recently reported for NBC.com on the five things Alzheimer’s or dementia victims should do once a diagnosis has been confirmed:

  1. Execute powers of attorney and advance medical directives.

    These allow for the designation of a trusted person or persons to make financial and medical decisions before cognitive impairments worsen.

  2. Create a will.

    If you do not have a will that designates how your assets will be distributed upon your death, you need to create one.  If one exists, check it over for any necessary updates to beneficiaries or the addition of any assets acquired after the original will was made.

  3. Create an estate plan.

    Asset preservation is usually critical for those diagnosed with Alzheimer’s or other forms of dementia.  An estate planning attorney can help preserve assets for future long-term care.

  4. Communicate.

    Once diagnosed, you should have a conversation with your family about your decisions for your care.  Let them know where important documents are stored.  As part of your legacy planning, we can help you capture and pass on your own story and wishes for your loved ones through a special recording we provide for each of our clients.

  5. Do it sooner rather than later.

    Alzheimer’s and other dementia diseases are progressive illnesses, so prompt action is necessary to put these protections in place for you and your loved ones.

More information and inspiration on dealing with Alzheimer’s and other dementia diseases can be found at MariaShriver.com.

Call us at (813) 902-3189 to schedule your appointment.