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October 2014 Archives

Joan Rivers' estate could be subject to huge tax bill

The death of famed comedienne Joan Rivers was a shock to the entertainment world. Rivers had a remarkable career and had to reinvent herself more than once to stay relevant in the industry she loved. Even to the very end, Rivers had a schedule that many comedians half her age would envy. Her busy schedule and network of endorsements helped her amass a hefty fortune. According to a report, her estate is estimated at being worth $290 million. Other publications suggest that it could $150 million. Nevertheless, Rivers always joked that everything would be left to her daughter, Melissa. It appears that Rivers stayed true to her word. 

How to avoid estate planning mistakes

Creating an estate plan may seem like a morbid process, because planning for your death is not exactly one’s idea of fun. Nevertheless, no one lives forever, and it is always best to prepare for the unexpected. Even those people who have the foresight and initiative to create an estate plan, most may not think about what must be done after documents are signed. When estate plans go neglected, strange things can happen. Because of this, we offer this post to help people avoid hazards that come with neglected or poorly conceived estate plans

IRS mistakenly values Michael Jackson's estate

It’s not often that the Internal Revenue Service admits making mistakes. After all, the IRS is probably used to exposing taxpayer mistakes when it comes to reporting income. But according to a recent article, it is being reported that the IRS made a mistake when valuing the estate of the Michael Jackson. Initially, the tax sought on the late King of Pop’s estate was $702 million, which was more than six times the amount reported on the estate tax return submitted by Jackson’s legal team. 

Could you lose inherited IRAs in bankruptcy?

If you are in the midst of a bankruptcy and you inherit funds from a retirement account, those funds could be the property of the bankruptcy estate; meaning that they may be used to pay off creditors and essentially lost, according to a U.S. Supreme Court ruling earlier this year.

Why you should protect digital assets through your will

Traditionally, the average estate plans did not deal with digital assets. This is because many people who were of the age that they would consider leaving property to heirs did not have email accounts, data stored on hard drives or electronic profiles. As we draw closer to 2015, millions of people have digital assets, as keeping digital copies of music, pictures and important documents has become commonplace.

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