Many people think that if they draft their will, open up a retirement account and draft powers of attorney, then their estate plan is complete for the duration. What people don't realize, however, is that comprehensive estate planning -- planning that truly sets you up for retirement, reduces tax liabilities and preserves assets for your heirs -- is not complete unless assets are structured in such as way as to eliminate unnecessary tax burdens and risk.
A trust is a very important part of a person's estate plan. If you have created a trust, you are likely hoping to protect and preserve certain assets until you need them during your life or until your loved ones need them after you are gone. Unfortunately, a bad trustee -- the person who manages your trust -- can work against your goals. But how do you know when to say goodbye?
It is incredibly common for people to have specific ideas regarding what they would want to have their assets put towards if they were to die. For many individuals, these ideas include wishes for such assets to go to loved ones or towards the care of loved ones.
Celebrity deaths and estate battles often provide valuable jumping-off points into discussions of important estate planning topics that may be relevant to readers of this blog. In today’s post, however, we see that there are sometimes valuable estate-planning lessons to be learned even from celebrities who are still alive.