Posts by VMGOKEA Law
Fixing David Bowie’s Will
David Bowie died on January 10, 2016, just two days after the release of his final album, Blackstar. The last song on the album, “I Can’t Give Everything Away,” seems prophetic both in its title and its initial verse. “I know something is very wrong.” News stories estimate Bowie’s estate at $100 million. His legal…
Read MoreAlzheimer’s Disease Claims the Life of Actor, Comedian and Philanthropist Gene Wilder
Fans of Young Frankenstein, Blazing Saddles, The Producers, and Willy Wonka were saddened by the death of Gene Wilder. Unlike others who die from Alzheimer’s disease, the comedian’s death was attributable entirely to this deadly disease. The fact is that Alzheimer’s disease is the real cause of death of millions of people, causing a slow…
Read MoreProtect Against Creditor Claims – Even Tax Liens
In U.S. v. Adent, 117 AFTR 2d 2016-1505 (7th Cir. 5/10/16), Leonard and Joyce Advent owned a commercial property as joint tenants with their son, Derek. Leonard and Joyce owed tax to the federal government. The Internal Revenue Service placed a lien on the property for the amount owed by Leonard and Joyce. The IRS…
Read MoreDon’t Rely on Government Officials for Information about Medicaid Planning Options
According to the United States Census Bureau, almost half of seniors 95 years old or older live in skilled nursing homes. Slightly over five percent of the entire senior population 65 years and older occupy assisted living, congregate care, and board and care facilities while just over four percent live in skilled nursing homes (for…
Read MoreWill Invalid Due to Undue Influence
Eva Johanna Rova Barnes (“Eva”) was born on July 17, 1916. She grew up on a parcel of land that was homesteaded by her parents. The property included a residence, where Eva lived alone after the death of her husband and daughter. The parcel of land also included a residential rental property that was owned…
Read MoreAmbiguities Can Lead to Litigation
Tom Clancy was a prolific scrivener of action novels. Upon his death at age 66, he left a substantial estate. His Will divided his estate into three shares – one share to his wife, one share for his wife to use during her life (with the remainder to go the daughter of their marriage), and…
Read MoreEstate Tax Repeal in 2017?
Now that the election of Donald J. Trump has become a reality, the question is how that will affect estate taxes and estate planning. The simple answer is that for most Americans there will be no change, as currently 99% of taxpayers are not subject to the estate tax. If the law remains unchanged, the…
Read MoreCourts Disagree on Intent of Marie Callender Heir
Courts Disagree on Intent of Marie Callender Heir Donald W. Callender was heir to the royalties from the Marie Callender restaurant chain. Donald passed away in 2009, leaving his wife, Catherine T. Callender (“Katy”), and his children, Cathleen Callender (“Cathe”) and Donald Lucky Callender (“Lucky”). Cathe is Donald’s daughter by his first marriage and Lucky…
Read MoreElecting Portability Treatment
Every person is entitled to give away a certain amount of money tax-free, either during life or at death. The amount has varied over the years due to acts of Congress, inflation adjustments, or both. In 2000, the amount that could be given estate and gift tax-free was $600,000. Congress then passed a law that…
Read MoreWhy Choose a Living Trust?
As you research your estate planning options, you’re sure to hear a lot about living trusts. In recent years, the living trust has become such a popular tool that it forms the cornerstone of many people’s estate plans.What are the benefits of a living trust and why would you opt for one as part of…
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