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Total Counsel Law Group
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Can Liz Hurley’s Son Inherit Grandfather’s Fortune?
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“Liz Hurley’s son Damian has won a legal fight against his grandfather who tried to cut him out of his inheritance.” Multi-millionaire Dr. Peter Bing recently tried to stop Liz Hurley’s 17-year-old son Damian from getting access to his fortune—because he was born out of wedlock. However, Wealth Advisor’s recent... Continue reading
Posted Sep 23, 2019 at Total Counsel Law Group
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How Should Couples Begin the Estate Planning Process?
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“Let’s face it: mortality is hard to think about and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.” About 17% of adults don’t think... Continue reading
Posted Sep 20, 2019 at Total Counsel Law Group
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Why Do I Need a Will?
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“A will is the legal document that dictates how your possessions will be distributed—and who will take care of the living creatures you're responsible for—when you're no longer around.” Yahoo Finance’s recent article on this subject asks “Do You Really Need a Will?” As the article explains, without a will,... Continue reading
Posted Sep 19, 2019 at Total Counsel Law Group
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What Do I Need to Know Before Becoming an Estate Executor?
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“While it is an honor to be selected as an executor, executing a will takes more work than you might think.” An executor steps in for the person who wrote the will and makes sure that all the final arrangements are carried out. When you agree to be named the... Continue reading
Posted Sep 18, 2019 at Total Counsel Law Group
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Why is Estate Planning So Important to Black Americans?
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“Black Americans are 50% less likely to have a living will in place, in comparison to other groups.” End of life planning is something the black American community should tie into discussions with families. Many famous black entertainers have failed to plan properly. For example, Prince (who passed away on... Continue reading
Posted Sep 17, 2019 at Total Counsel Law Group
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Why Don’t Millennials Like the Stock Market?
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“When it comes to investing their money, millennials aren’t turning to the stock market.” A new Bankrate article asked more than 1,000 Americans what they consider the best way to invest money they won’t need for 10 or more years. Real estate was the most popular response. This answer was... Continue reading
Posted Sep 16, 2019 at Total Counsel Law Group
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Can I Give My Half of a House Away to Avoid Taxes When it Sells?
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“I received a joint ownership of my father’s house about 10 years ago with my sister. She always lived there. I share no expenses and she and my dad pay all the bills. We plan to sell the home after our father passes. Can I give her my half, so... Continue reading
Posted Sep 13, 2019 at Total Counsel Law Group
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What is the “Kiddie Tax”?
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“Children and grandchildren inheriting traditional IRAs could quickly find themselves in the top 37% tax bracket, thanks to changes ushered in by the Tax Cuts and Jobs Act.” The Tax Cuts and Jobs Act brought about a big change in how children are taxed on unearned income. This includes required... Continue reading
Posted Sep 12, 2019 at Total Counsel Law Group
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What are the Details of the New SECURE Act?
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“The SECURE Act (Setting Every Community Up for Retirement Enhancement, H.R. 1994) is still working through the Senate, after passing the House in May.” The SECURE Act proposes a number of changes to retirement savings. These include changes to parts of IRAs and 401(k)s. The Act is expected to be... Continue reading
Posted Sep 11, 2019 at Total Counsel Law Group
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How Do I Name a Trust as the Beneficiary of an IRA?
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“When you set up an IRA with a brokerage, you’ll usually be asked to designate a beneficiary. This is where you would enter the trust as your beneficiary, should that be the option you choose.” A frequently used strategy to save for retirement is an IRA. This money is saved... Continue reading
Posted Sep 5, 2019 at Total Counsel Law Group
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Why Do I Need Life Insurance in My Estate Plan?
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“Life insurance can offer income and saving options for the long term.” You’re not alone if you don’t fully understand the value and benefits that life insurance can give you as part of a retirement plan. Kiplinger’s recent article, “Don't Overlook Advantages of Making Insurance Part of Your Retirement Plan,”... Continue reading
Posted Sep 5, 2019 at Total Counsel Law Group
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Who Should Be the Agent of My Power of Attorney?
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“Deciding who gets the power of attorney is an important step for parents looking to organize their estate and plan for a future without them. This can be a complex process for many families, especially when there are numerous relatives involved.” It’s important to understand what a power of attorney... Continue reading
Posted Sep 4, 2019 at Total Counsel Law Group
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What’s the Big Deal about Turning 59½?
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“If you’re nearing the big 6-0, don’t fret too much about getting old. After all, 60 is the new 40, right? There are many 50-and 60-year-olds who are in prime health and feel like they are just hitting their stride. Not to mention the often-forgotten benefits of getting older, like... Continue reading
Posted Sep 3, 2019 at Total Counsel Law Group
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What Does a 2008 Fire at Universal Mean to the Heirs of Famous Singers?
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“A lawsuit was filed Friday in connection with what was dubbed ‘the biggest disaster in the history of music.’ In 2008, a warehouse fire tore through the Universal Studios backlot in Hollywood, destroying master tapes of recordings by a long list of universally known A-list artists.” A warehouse fire on... Continue reading
Posted Sep 2, 2019 at Total Counsel Law Group
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Should I Roll A 401(k) into My Annuity?
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“Many annuities cannot be passed on to a beneficiary; any money left in them when you die goes to the insurance company.” We’d all like to have guaranteed income after retirement, but there are a few risks to think about before you roll a 401(k) into an annuity. There may... Continue reading
Posted Aug 30, 2019 at Total Counsel Law Group
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What Will Anderson Cooper Inherit From his Mother Gloria Vanderbilt?
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“Anderson Cooper broke the news that his mother Gloria Vanderbilt has died at age 95 of stomach cancer. He's already said he isn't looking forward to a trust fund. The question, then, is where her legacy ends up.” The 95-year-old Gloria Vanderbilt was “a vestige of another era, reminiscent of... Continue reading
Posted Aug 29, 2019 at Total Counsel Law Group
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How Do You Fight Financial Elder Abuse?
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“Being a celebrity has to be the best gig in the world, right? It comes with money, property, prestige, constant attention and a gang of admirers. However, as the recent news stories about the late legendary Marvel comic book creator Stan Lee and ‘60s psychedelic artist Peter Max show, older... Continue reading
Posted Aug 28, 2019 at Total Counsel Law Group
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What’s the Latest on George Michael’s Estate?
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“George Michael’s former lover Fadi Fawaz plans to contest the singer’s will, after he and Kenny Goss were cut out of his £98million fortune, a source has claimed.” The majority of the late singer George Michael’s £98M estate will go to his sisters Melanie and Yioda. Some smaller portions are... Continue reading
Posted Aug 27, 2019 at Total Counsel Law Group
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How Did a Taxi Driver Inherit a Passenger’s Estate?
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“A taxi driver who inherited a passenger’s entire estate has been slapped with a huge legal bill after the will was overturned following a bitter legal battle.” A cabbie who inherited his passenger’s entire estate has been hit with a big legal bill, when the will was overturned after a... Continue reading
Posted Aug 26, 2019 at Total Counsel Law Group
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What Do I Need to Know About Special Needs Trusts?
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“Anyone with a child with special needs understands the need to prepare for the future. A trust is always a good place to start and figuring out a savings goal for that trust is a key part to your planning.” One of the hardest issues in planning for a child... Continue reading
Posted Aug 23, 2019 at Total Counsel Law Group
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Did the Queen of Soul Leave a Will?
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“Three handwritten wills have been found in one of the homes of the late Queen of Soul Aretha Franklin, all with a theme of providing for her four sons and even commentary involving others she felt were insincere or ‘grossly inefficient,’ according to the documents.” Legendary vocalist Aretha Franklin passed... Continue reading
Posted Aug 22, 2019 at Total Counsel Law Group
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Is There a Market for My Long-Term Care Insurance Policy?
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“Some people have life insurance policies that have long-term care riders that allow them to access up to the death benefit for long-term care needs. These might be able to be sold through a life settlement.” There is a market to sell life insurance through what is known as a... Continue reading
Posted Aug 21, 2019 at Total Counsel Law Group
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What States Rank the Highest for Elder Fraud in Total Losses?
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“Georgia is fifth in the country for elder fraud in total losses, an online publication, Comparitech, reported this month.” The four states that have higher losses than Georgia are California, Florida, Texas, and Arizona. Georgia’s losses in 2018 totaled $1.5 billion, according to The Augusta (GA) Chronicle’s recent article, “$1.5... Continue reading
Posted Aug 20, 2019 at Total Counsel Law Group
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What Should I Keep in Mind in Estate Planning as a Single Parent?
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“For single parents with a minor child, the stakes are perhaps even higher.” Every estate planning conversation eventually comes to center upon the children, regardless of whether they’re still young or adults. Talk to a qualified estate planning attorney and let him or her know your overall perspective about your... Continue reading
Posted Aug 19, 2019 at Total Counsel Law Group
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What’s a Death Tax?
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“Sometimes people confuse the estate tax with an income tax, but it is not a tax on income. It is a transfer tax imposed on the wealthy at death.” The federal estate tax is sometimes called the death tax. It’s a one-time tax that is imposed at death. Forbes’ recent... Continue reading
Posted Aug 16, 2019 at Total Counsel Law Group
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