So, it looks as if Michael Jackson's will has been presented! It will be interesting to find out how good MJ was at keeping his affairs in order. I am left to ponder just when he last updated his estate plan.
According to the article, his mother had already petitioned to administer his estate. Here in Washington, his selection of an executor in his last will and testament would supercede his mother's petition as administrator. (An administrator is the title given to someone who is dealing with an intestate estate, or an estate where there was no will, while an executor is the title given when there was a will.) It will be interesting to see how this shakes out in the end.
So, for you occasional followers, I am not obsessed with Michael Jackson, simply a child of the 80s and therefore a student of his celebrity. I am certainly saddened by his loss, though you will not find me wailing on Hollywood Boulevard over his star. It has, nonetheless, given me some good fodder on here, so I will do my best to follow this and give you my estate attorney mpressions of what's going on!
Tuesday, June 30, 2009
Friday, June 26, 2009
Did MJ Have a Plan?
I have a hard time believing the rumors that Michael Jackson died without a will. In my day-to-day as an estate planning attorney, I come across many a wealthy client that, for any variety of reasons, has not completed their estate plan.
Surely, however, with the sea of attorneys that MJ has had around him over the years, someone must have thought to insist that he get his affairs in order! This article from Business Week is interesting regardless. I guess time will tell.
Interestingly another celebrity estate debate, the Anna Nicole Smith estate debacle, is coming to my home town of Seattle.
Have I mentioned that you should have an estate plan? ;)
Surely, however, with the sea of attorneys that MJ has had around him over the years, someone must have thought to insist that he get his affairs in order! This article from Business Week is interesting regardless. I guess time will tell.
Interestingly another celebrity estate debate, the Anna Nicole Smith estate debacle, is coming to my home town of Seattle.
Have I mentioned that you should have an estate plan? ;)
Wednesday, March 25, 2009
It's Write a Will Month!
...at least it is in Tucson, Arizona, according to this article from the Arizona Daily Star. I'd argue that any month is a good month to write a will if you don't have one.
The article reiterates much of what I say to my prospective clients: "This is the biggest kindness you can do for anyone.... Even if you think you have nothing to designate to anyone, put something in writing. Give them a hand. Let them know what you would want."
My own mantra is this: You may not be 100% certain about how and what you want to leave to your friends and family. As an estate planning attorney, it is my job to help you make these decisions. I believe that, in the end, these decisions are less important than leaving to your loved ones the gift of clarity.
The article reiterates much of what I say to my prospective clients: "This is the biggest kindness you can do for anyone.... Even if you think you have nothing to designate to anyone, put something in writing. Give them a hand. Let them know what you would want."
My own mantra is this: You may not be 100% certain about how and what you want to leave to your friends and family. As an estate planning attorney, it is my job to help you make these decisions. I believe that, in the end, these decisions are less important than leaving to your loved ones the gift of clarity.
Wednesday, March 18, 2009
Charitable Giving on a Grand (and Not-So-Grand) Scale
Okay, I wanted to let all of my clients know about a great real estate opportunity in the south of England. If any of you are in the market for an English village, I'm happy to represent you in the transaction. :)
Actually, the history of this parcel of land is very interesting, and for those that don't know, much of our property law here in the states has its origin in the English feudal system. It is fascinating stuff for property geeks like me, anyway.
And, of course, I was compelled to write about the sale of this estate as it is currently owned by a charitable trust created, presumably by a will, when English cricketer Herbert Blagrave died with no heirs. While most of us don't have an estate valued at tens of millions of dollars, it is another example of how you can leave a legacy, no matter how small.
We draft all varieties of charitable trusts here at Spencer Anderson & Buhr. But even if your estate doesn't warrant the creation of its own trust, we are always happy to help you get creative when it comes to charitable planning. In fact, it is one of my favorite things to do with my clients, and I believe one of the most satisfying things you will do in your life, even if the charity or charities won't see the benefit until your legacy is realized.
Actually, the history of this parcel of land is very interesting, and for those that don't know, much of our property law here in the states has its origin in the English feudal system. It is fascinating stuff for property geeks like me, anyway.
And, of course, I was compelled to write about the sale of this estate as it is currently owned by a charitable trust created, presumably by a will, when English cricketer Herbert Blagrave died with no heirs. While most of us don't have an estate valued at tens of millions of dollars, it is another example of how you can leave a legacy, no matter how small.
We draft all varieties of charitable trusts here at Spencer Anderson & Buhr. But even if your estate doesn't warrant the creation of its own trust, we are always happy to help you get creative when it comes to charitable planning. In fact, it is one of my favorite things to do with my clients, and I believe one of the most satisfying things you will do in your life, even if the charity or charities won't see the benefit until your legacy is realized.
Tuesday, February 24, 2009
Monday, February 2, 2009
Expansion of Domestic Partnership Rights in Washington?
It looks like a second expansion of Washington state's domestic partnership law is set to sail through the legislature. At our gay-owned law firm in Seattle, we have spent years representing same-sex couples, regardless of whether they have registered with the state or not.
Every time a new law is passed expanding rights, however, it is vitally important that registered couples, and unregistered couples that are thinking about registering, understand what these expansions mean.
The intent of the law is to provide most, if not all, of the incidents of marriage at the state-level. And just like marriage, there may be a LOT of surprises for couples that don't know just what they are signing up for.
More on these topics later as I take a closer look at the bill. Talk to your favorite attorney today if you are curious about just how these changes may effect you.
Every time a new law is passed expanding rights, however, it is vitally important that registered couples, and unregistered couples that are thinking about registering, understand what these expansions mean.
The intent of the law is to provide most, if not all, of the incidents of marriage at the state-level. And just like marriage, there may be a LOT of surprises for couples that don't know just what they are signing up for.
More on these topics later as I take a closer look at the bill. Talk to your favorite attorney today if you are curious about just how these changes may effect you.
Tuesday, January 27, 2009
Worst Case Scenarios
Okay, my short blog today is going to invite the wrath of someone who has lost a family member due to blowfish poisoning.
If you that have worked with me before, you know I believe that I have a responsibility to explain to my clients all of the worst case scenarios that can result from either not having an estate plan, or the decisions that they make while drafting one.
These typically involve such things as being hit by a bus, your spouse or partner hitting you in the head with a hammer, your spouse or partner running off to Paris with your money and a new lover while you are incapacitated due to said hammer strike, or your entire extended family perishing in a freak meteor strike on your family reunion.
Now, I think I shall add to my repertoire blowfish poisoning.
So, my best advice today: before popping down to Todai for some Fugu, check in with your attorney to make sure that you have your affairs in order. It just makes sense! :)
If you that have worked with me before, you know I believe that I have a responsibility to explain to my clients all of the worst case scenarios that can result from either not having an estate plan, or the decisions that they make while drafting one.
These typically involve such things as being hit by a bus, your spouse or partner hitting you in the head with a hammer, your spouse or partner running off to Paris with your money and a new lover while you are incapacitated due to said hammer strike, or your entire extended family perishing in a freak meteor strike on your family reunion.
Now, I think I shall add to my repertoire blowfish poisoning.
So, my best advice today: before popping down to Todai for some Fugu, check in with your attorney to make sure that you have your affairs in order. It just makes sense! :)
Monday, January 26, 2009
How Same-Sex Couples Can Protect Their Assets
I recently posted this legal guide on Avvo.com. It is a VERY simple overview for those who want the know the basics about how estate planning can protect your assets in a same-sex relationship. As always, I am happy to tell you a lot more about the process and available protections!
Thursday, January 22, 2009
Charitable Giving... of Someone Else's Money?
This article from the AP today made me chuckle. I certainly applaud the Pratts for their generosity. That is, they could have simply stolen the bank's money and NOT given any to charity....
I was amused not only by the fact that they took the money and ran, but by their speculation that they could retire to Florida on $177,000. I don't mean to imply that this is a small sum. For me and most of my estate planning clients, this sum would certainly go a long way towards alleviating the multitude of tiny financial pinches we are all feeling these days. But I think that any financial planner worth their weight will tell you that the income produced off of $177K is certainly not sufficient to support you in retirement.
So, here's a little free legal & financial advice: 1) Even if you believe that a bank error is divine providence, it is probably not legal for you to keep the money, and 2) If you are going to abscond with $177,000, try some Central American country instead: your money will go a lot further and it will be harder for the authorities to find you. ;)
Of course that is a joke, since being on the up-and-up is the best legal advice I have to offer. What isn't a joke is planning for your future, which means consulting with a professional like me for your estate plan, and a financial planner who can help you get on track for a proper retirement, divine intervention or not.
I was amused not only by the fact that they took the money and ran, but by their speculation that they could retire to Florida on $177,000. I don't mean to imply that this is a small sum. For me and most of my estate planning clients, this sum would certainly go a long way towards alleviating the multitude of tiny financial pinches we are all feeling these days. But I think that any financial planner worth their weight will tell you that the income produced off of $177K is certainly not sufficient to support you in retirement.
So, here's a little free legal & financial advice: 1) Even if you believe that a bank error is divine providence, it is probably not legal for you to keep the money, and 2) If you are going to abscond with $177,000, try some Central American country instead: your money will go a lot further and it will be harder for the authorities to find you. ;)
Of course that is a joke, since being on the up-and-up is the best legal advice I have to offer. What isn't a joke is planning for your future, which means consulting with a professional like me for your estate plan, and a financial planner who can help you get on track for a proper retirement, divine intervention or not.
Monday, January 12, 2009
Bilking the Elderly
In these tough economic times, these kinds of stories have become too common. If you have an elderly member of your family, or elderly neighbors or friends that you fear may be taken advantage of, gently guiding these clients to an attorney to help with their estate planning can put in place some real protections to help make certain that they are not left vulnerable. And, provided that you have a trustworthy attorney, it is another set of eyes that can watch out for your loved-one's interests.
Unfortunately, we occasionally hear of attorneys that have similiarly been wooed by their clients' wealth. You always want to be certain that your loved ones are working with attorneys that can be trusted. Don't be afraid to ask around about an attorney. Sites like avvo.com can give you some limited perspectives, and you can always search the Bar to see if there are any ethical violations for any particular attorney.
Best yet, interview the attorneys to which you are sending this vulnerable population, and make certain that they seem trustworthy. The attorney may not be able to discuss the particular client matter with you, but any attorney ought to be able to provide basic assurances to you that they have a fundamental understanding of, and belief in, the important core ethics of the attorney-client relationship, and all duties that spring from it.
Unfortunately, we occasionally hear of attorneys that have similiarly been wooed by their clients' wealth. You always want to be certain that your loved ones are working with attorneys that can be trusted. Don't be afraid to ask around about an attorney. Sites like avvo.com can give you some limited perspectives, and you can always search the Bar to see if there are any ethical violations for any particular attorney.
Best yet, interview the attorneys to which you are sending this vulnerable population, and make certain that they seem trustworthy. The attorney may not be able to discuss the particular client matter with you, but any attorney ought to be able to provide basic assurances to you that they have a fundamental understanding of, and belief in, the important core ethics of the attorney-client relationship, and all duties that spring from it.
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