Details

The 101 Biggest Estate Planning Mistakes

1. Aufl.

von: Herbert E. Nass
12,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	01.10.2009
ISBN/EAN:	9780470555538
Sprache:	englisch
Anzahl Seiten:	304

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Beschreibungen

Titelbeschreibung

A trust and estate lawyer to the stars offers an engaging look at how to avoid numerous estate planning mistakes In The 101 Biggest Estate Planning Mistakes, author Herbert Nass, an estate planner for some of today's most famous celebrities, offers an entertaining look at what not to do when setting up an estate plan, or administering an estate. By examining the mistakes made by some of the most well-known celebrities-from Bob Marley to John F. Kennedy, Sr. and Jr.-this book will guide readers toward making a successful estate plan and help them avoid many common pitfalls. Chapters cover such topics as: mistakes involving tangible personal property, real estate, executors and trustees, minors, or persons with disabilities; as well as disgruntled family and friends left behind. <ul> <li>Puts estate planning in perspective through entertaining examples of mistakes celebrities have made in developing their own plans</li> <li>Taps into the voyeuristic interest we have in the lives of the rich and famous</li> <li>Offers an insider's look at many fascinating wills of the rich and famous</li> </ul> Given the emotional, financial, and legal issues that arise from the death of a loved one-and the substantial assets that are transferred from one generation to the next at this time-understanding estate planning is essential. This book will put you in a better position to make more informed estate planning decisions.

Inhaltsverzeichnis

Preface xv Acknowledgments xxi Chapter 1 The Single Biggest Mistake Is Not Planning for the One Certainty in Life Death 1 Mistake #1: No Estate Planning Whatsoever 3 Mistake #2: Out-of-Date Wills 14 Mistake #3: Losing Your Will 17 Mistake #4: Do-It-Yourselfers and Handwritten Wills 19 Mistake #5: Not Signing Your Will Because You Physically Can’t 24 Mistake #6: Not Properly Executing Documents 32 Mistake #7: The Best-Laid (Estate) Plans 35 Mistake #8: Dying Intestate, or Without a Will 42 Chapter 2 Mistakes Involving Tangible Personal Property 45 Mistake #9: Nemo Dat Quo Non Habet (Latin for “He Who Has Not Cannot Give”) 46 Mistake #10: Not Properly Documenting the Delivery and Completion of a Gift 49 Mistake #11: Selling Valuable Tangible Personal Property Too Close to Death 51 Mistake #12: Bequeathing Tangible Personal Property That You Do Not Own 54 Mistake #13: Mentioning Too Many Details in Your Will 56 Mistake #14: Not Including Any Details in Your Will 60 Mistake #15: Not Providing Properly for the Care of Your Pets After Your Death 64 Mistake #16: Leaving Too Much Money for Your Pets After Your Death 66 Mistake #17: Giving the Same Tangible Personal Property Item to More Than One Person 68 Mistake #18: Not Properly Providing for the Disposition of Your Artworks after Your Death 69 Mistake #19: Not Providing for Your Tangible Personal Property in a Revocable Living Trust 73 Chapter 3: Mistakes Involving Real Estate 75 Mistake #20: Not Confirming How Title Is Held to Real Estate Before or Right After Death 76 Mistake #21: Forgetting That Real Estate Usually Passes Subject to Loans and Mortgages 78 Mistake #22: Not Draining the Water Pipes in a Vacant House in Cold Weather 80 Mistake #23: Failing to Maintain Adequate Property and Casualty Insurance on Estate Property—Especially Vacant Real Estate 82 Mistake #24: Failing to Provide That Children, or Others, May Continue to Reside in the Family Home with the Executor’s or Trustee’s Approval 84 Mistake #25: Failing to Provide That Existing Leases Will Terminate on Reasonable Terms After the Death of the Owner of the Property 87 Mistake #26: Owning Land, a House or an Apartment in a Foreign Country 89 Mistake #27: Assuming That a Co-operative Apartment Building Board Will Always Do What You Would Like 90 Mistake #28: Placing Real Estate in a Trust Without Checking on the Ramifications of Doing So 92 Chapter 4: Mistakes Involving Executors and/or Trustees 95 Mistake #29: Selecting Only One Executor in a Complicated Estate 96 Mistake #30: Selecting Too Many Executors 98 Mistake #31: Selecting an Even Number of Executors 102 Mistake #32: Selecting Executors with a Conflict of Interest 103 Mistake #33: Not Compensating (or Under-Compensating) Your Executors 107 Mistake #34: Not Selecting Your Spouse as an Executor 110 Mistake #35: Surprising Your Spouse with the Terms of Your Will 112 Mistake #36: Not Naming Your Children as Executors Mistake #37: Naming Your Children as Executors 114 Mistake #38: Naming a Literary Executor in Your Will 116 Mistake #39: Naming a Corporate Fiduciary That Can Be Removed by an Individual Fiduciary 119 Chapter 5 Mistakes Involving Guardians, Minors, or Step-Children 123 Mistake #40: Not Naming the Biological Parent as the Guardian of Your Minor Children 124 Mistake #41: Naming the Biological Parent as the Guardian of Your Minor Children 128 Mistake #42: Failing to Periodically Review Your Choice of Guardian(s) 130 Mistake #43: Assuming That Your Step-Children Have the Same Legal Rights as Your Biological Children 132 Chapter 6 Mistakes Involving Prior Marriages, Prenuptial Agreements, and Significant Others 135 Mistake #44: Not Taking into Account the Terms of an Existing Separation or Divorce Agreement 136 Mistake #45: Entirely Disinheriting Children or Grandchildren Out of Stupidity or Inadvertence 138 Mistake #46: Not Taking Your Spouse’s Legal or Statutory Rights into Account 141 Mistake #47: Putting Your Child in Charge of a Surviving Spouse Who Is Not His or Her Parent 142 Mistake #48: Assuming That Your Divorce Automatically Revokes Your Will in Its Entirety 144 Mistake #49: Not Updating Your Will at the Start of Your Divorce Proceedings 146 Mistake #50: Not Respecting the Validity of a Prenuptial Agreement 148 Mistake #51: Not Mentioning the Prenuptial Agreement in Your Will 149 Mistake #52: Failing to Fund a Revocable Living Trust During Your Lifetime to Avoid Probate 150 Chapter 7 Estate Planning Mistakes Involving Tax and Copyright Issues 153 Mistake #53: Eliminating Your Residuary Estate Because of High Taxes on Your Personal Property 154 Mistake #54: Not Taking Full Advantage of the Available Tax Exemption Amount 156 Mistake #55: Not Having Assets Titled in the Name of Each Spouse 158 Mistake #56: Failing to Ascertain Whether Gift Tax Returns Were Ever Filed 159 Mistake #57: Failing to Pay the Five Percent Annual Minimum Distribution Requirement for Private Charitable Foundations 161 Mistake #58: Not Having a Buy-Sell Agreement in a Closely Held Business, Partnership, or Limited Liability Corporation 163 Mistake #59: Failing to Title Appreciated Real Estate in the Name of the Spouse More Likely to Die First 165 Mistake #60: Separating the Copyright Interest from the Actual Work of Art That Is Bequeathed to a Charity 167 Chapter 8 Estate Planning Mistakes Involving Disgruntled Friends and Family 169 Mistake #61: Lack of a No Contest or In Terrorem Clause in Your Will 170 Mistake #62: Using a One-Dollar No Contest/In Terrorem Clause in Your Will 171 Mistake #63: Using a Codicil Instead of a New Will 175 Mistake #64: Impulsively Changing Your Will by Whipping Out a Quick “Down-and-Dirty” Codicil 180 Mistake #65: Not Contacting the Attorney for the Beneficiary of a Will When Trying to Settle a Dispute with the Attorney for the Executor 182 Mistake #66: Requiring Survivorship by a Certain Number of Days 184 Mistake #67: Not Including Your Long-Time Secretary or Assistant as a Beneficiary in Your Will 185 Mistake #68: Entirely Disinheriting Children or Grandchildren Out of Anger or Vindictiveness 187 Mistake #69: Failing to Mention the Names of the Heirs You Intend to Disinherit in Your Will 191 Mistake #70: Directing That a Specific Attorney or Other Advisor Be Hired by Your Executor 195 Mistake # 71: Not Taking Advantage of a Qualified Disclaimer within Nine Months of Death 197 Mistake #72: Offering Too Large an Amount at the Outset of Negotiations 199 Mistake #73: Arguing with Your Attorney about Legal Fees 200 Mistake #74: Fighting with a Lawyer with “Criminal” Clients 201 Mistake #75: Having Your Former Mother-in-Law Own a Life Insurance Policy on Your Life 202 Mistake #76: Not Getting the Original Will Back from the Person Replaced as an Executor 203 Chapter 9 Mistakes Involving Funerals, Burials, or Cremation 205 Mistake #77: Not Appointing Someone to Make Burial and Funeral Arrangements 207 Mistake #78: Spending Too Much on a Funeral or Burial 212 Mistake #79: Providing Overly Detailed Funeral and Burial Instructions in Your Will 214 Mistake #80: Prepaying for Your Funeral, or Not 217 Mistake #81: Directing That There Be No Funeral or Memorial Service 218 Mistake #82: Losing the Deed for Your Cemetery Plot 222 Mistake #83: Directing That Your Bodily Remains or Ashes Be Buried or Scattered in an Illegal Manner 223 Mistake #84: Directing That Your Pet’s Remains Be Buried with Yours 225 Mistake #85: Getting Too Religious in Your Will 227 Chapter 10 One-of-a-Kind Mistakes by Celebrities and Icons 229 Mistake #86: Not Making Charitable Gifts in Your Will When Your Sons Are the Heirs to the British Throne 230 Mistake #87: Mentioning the Name of a Lawsuit Involving You in Your Own Will 232 Mistake #88: Leaving Your Estate to an Older Person Outright and Not in Trust 235 Mistake #89: Leaving It All to Your Girlfriend Who Has a Drug Addiction 240 Mistake #90: Making a Bequest with Politically Incorrect or Racist Strings Attached 243 Mistake #91: Not Properly Identifying an Organization That Receives a Bequest 245 Mistake #92: Not Providing a Way to Determine That Your Wife Has Regained Her Sanity 247 Mistake #93: Murdering Your Spouse (or Anyone Else) 249 Chapter 11 Rookie or Boneheaded Mistakes 251 Mistake #94: Making a Material Misrepresentation on a Life Insurance Application 252 Mistake #95: Not Settling a Dispute When the Downside Is Much Greater Than the Upside 254 Mistake #96: Making Handwritten Changes to a Will after It Has Been Signed and Witnessed 256 Mistake #97: Acting as a Witness to a Will in Which You Are Named as a Beneficiary 258 Mistake #98: Removing the Staples from an Original Will 259 Mistake #99: Putting Your Original Will in a Bank Safe Deposit Box That May Be Sealed 262 Mistake #100: Preparing Only a Videotaped Will Instead of a Written One 263 Mistake #101: Owning a Large Amount of Life Insurance in Your Name Individually 264 About the Author 267 Index 269

Autorenportrait

Herbert E. Nass (New York, NY) runs the Herbert E. Nass & Associates law firm, which?represents numerous celebrities involved in performing and visual arts and professional sports. Having specialized in legal matters involving Wills, Estates, and Trusts for almost 25 years, Nass has been listed as one of the top 100 attorneys practicing in this field (Worth magazine 2005, 2006).

Back cover copy

Business & Economics/Personal Finance PRAISE FOR THE 101 BIGGEST ESTATE P PLANNING MISTAKES “The 101 Biggest Estate Planning Mistakes is an invaluable guide for all taxpayers as well as their professional advisors. Every individual in 2009, whether they are subject to estate tax or not, needs to review their estate and financial plan. Learning from the mistakes of others is the best road map as to what not to do!” —Sidney Kess, tax expert, Chairman, Tax Hotline “Herb Nass has written a valuable primer telling both lawyers and laypersons, in a witty and clear style, the numerous mistakes to avoid in estate planning.” —William D. Zabel, Senior Partner, Schulte Roth & Zabel LLP “Herb Nass is not only a fine writer with a keen knowledge of the fine points of law, but he is also something of a literary good Samaritan. He has previously taught us all about wills. Now he solves the problem every person faces—what, when, and how to leave everything behind after that final exit, and how to avoid mistakes when doing it.” —Rex Reed, The New York Observer Trust and estate lawyer to the stars Herbert Nass offers essential guidance on setting up an estate plan and avoiding many of the common pitfalls In The 101 Biggest Estate Planning Mistakes, author Herbert Nass, an estate planner for some of today’s most famous celebrities, offers an entertaining look at what not to do when setting up an estate plan or administering an estate. By examining the mistakes made by some of the most well-known celebrities—from Bob Marley to John F. Kennedy Sr. and Jr.—this book will guide you in creating a successful estate plan and help you avoid many of the common pitfalls associated with the process.