Bloomington, Indiana Estate & Elder Law Blog

Friday, December 16, 2016

3 Celebrity Probate Disasters and Tragic Lessons

With extreme wealth accumulated, one would assume that celebrities would take steps to protect their estates. But think again: Some of the world’s richest and most famous people enter the pearly gates with no estate plan in place, while others have made estate planning mistakes that tied their fortunes and heirs up for years in court. Let’s take a look at three high-profile celebrity probate disasters and discover what lessons we can learn from them.

1. Tom Carvel, The Ice Cream Man

As the man who invented soft-serve ice cream and established the first franchise business in America, Tom Carvel had a net worth of up to $200 million when he died in 1990.
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Wednesday, November 30, 2016

Stress Test Your Estate Plan

So you’ve done the hard work of establishing an estate plan. Good on you, as they say across the Pond. However, you still have serious work to do to ensure that the strategy you’ve selected will maximize your peace of mind and protect your legacy.

Estate plans are living, breathing creations. Your life can and will change due to new births, children getting older and other shifts in the family; changes to your portfolio, career and business; and changes to your health, where you live and your core values.
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Tuesday, November 22, 2016

What To Do When a Disability Throws Your Estate Plan Into Chaos

As poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you used to plan your future and set up your legacy.


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Wednesday, November 16, 2016

What These 4 Famous Estate Planning Debacles Can Tell You About Proper Planning

Are you failing your family the way these 4 celebrities failed theirs?  These four celebrity estate planning fiascos offer lessons about how to handle your own planning and legacies.
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Tuesday, November 8, 2016

Your Cyber Legacy: 3 Tips for Your Digital Assets

There’s an entire category of commonly-overlooked legacy to consider – digital assets. Don’t worry if you didn’t consider these assets when made your will or trust – it’s surprisingly common and, luckily, easy to correct.

What are digital assets? They include:

● your photos (yes, all those selfies are a digital asset),
● files stored in the cloud or on your local computer,
● virtual currency accounts,
● URLs,
● social media profiles (Facebook, LinkedIn, etc.)
● device backups,
● databases,
● digital business documents, and
● because technology is ever-evolving, much more will be added as the months and years go by.

These assets can have real value, such as virtual currency accounts, a URL, or digital business assets.

Read more . . .

Tuesday, November 1, 2016

Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?

If your life or the law has changed since you signed your trust, it needs to be updated. Updates can be made by way of an amendment - or - a complete restatement. An amendment updates a specific part of the trust; whereas, a restatement, updates the entire trust. You might think that an amendment would cost less than a restatement, but that’s not necessarily true. Let’s chat about which is best for you.

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Thursday, October 27, 2016

Let's Go Crazy: Prince's Estate Entering New Battle Over Who Will Inherit His Millions

Many of you may be following what is happening with pop star Prince's estate battle. As you likley know Prince died without a will or trust. Thus, the state law of Minnesota will determine who his heirs are. As you can imagine, there were several people coming forward claiming to be a child of Prince's. The battle continues.
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Friday, October 21, 2016

How Often Do You Update Your Estate Plan? More Often Than Your Resume?

A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do.
Outdated estate plans - like outdated resumes - simply don’t work.
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Sunday, September 25, 2016

Wondering Whether You Need to Update Your Estate Plan? Yes, You Do and Here’s Why

Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example as to why estate planning needs to be reviewed and updated periodically.

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Thursday, September 22, 2016

Is Your Estate Plan as Stale as Last Week’s Ham Sandwich?

Estate plans are almost magical: they allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial affairs private. But one thing estate plans can’t do is update themselves.

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Friday, July 8, 2016

Genworth Study on Long-term Care Costs

Genworth, an insurance and financial services company, has released its annual report on long term care costs.
Read more . . .

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