Free Republic

A court battle is brewing over Jimmy Buffett's $275 million estate. The late singer's widow, Jane, and the co-trustee of the estate, Richard Mozenter, have filed lawsuits against one another. Attorneys said the Buffett case offers important lessons for families planning wealth transfers. A court battle over the late-singer Jimmy Buffett's $275 million estate has highlighted the growing litigation over the trillions of dollars in wealth being passed down to spouses and families, experts said. Jimmy Buffett's widow, Jane Buffett, filed a petition last week in a Los Angeles court to remove her co-trustee, Richard Mozenter, from the marital trust...

As we get older and contemplate the possibility of declining health, many of us worry about becoming a burden on our family members. Among the questions I hear are: Will I have enough money to last? Can I afford the healthcare I’ll need? How can I make it easy for my family to settle my affairs when I’m gone? But what does it mean to not be a burden? What actions should you take now? After discussing the issue with accountants, estate attorneys and clients, I’ve identified five steps to help reduce the likelihood that you will be a burden...

The IRS has quietly changed the rules around taxes on inheritances, putting Americans in danger of being caught out if they try to transfer assets to their children. The agency has curbed the tax break on a particular kind of trust often used to minimize estate taxes. Prior to the new instruction, it was unclear what the tax policies were around assets passing to beneficiaries through an irrevocable trust. But the Revenue Ruling 2023-2 has confirmed that these trusts will now be subject to capital gains tax, which will have a substantial impact on estate planning for Americans

Does second-to-die insurance create a tax bonanza? Not exactly. “I’m thinking about a second-to-die policy that would pay off after my wife and I are both gone. “Here's some proposals the agent came up with, based on gifting premium dollars to a trust owned by the two boys. I need to work through all the tax wrinkles, but ultimately it’s a series of bets, most importantly that we both die after one premium and the boys stick it to the insurance company for the full death benefit. After that the payoff diminishes in magnitude. “Would love to hear your thoughts...

Are there any financial advisers on here with a good knowledge of annuities. Got a situation with lump sum offer and have no idea what to do. Yes, I've read everything I can read, and yes, I've exhausted other resources before posting here, plus my original adviser died. This is a last resort and I'd rather give my business to a FReeper anyway. Please private reply if we can talk/zoom/email. You will be vetted! Sorry for the vanity!

On Feb. 2, 2015, on the heels of the State of the Union Address, the Obama Administration released its budget proposal for the 2016 fiscal year, accompanied by the Treasury Department's General Explanation of the Administration's Fiscal Year 2016 Revenue Proposals (colloquially known as the Greenbook).[1] Given the percentage of his previous proposals that have been passed and the newly-elected Republican majority in both houses of Congress, the vast majority of the proposals in the Greenbook are unlikely to become law during President Obama's last two years in office. However, they are worth noting, as they identify the focus points...

The number of Americans owning pets is at a record high, and more people are making provisions in their wills to provide for these animals after they're gone. But to ensure your pet is cared for as you intend, it's important to set up a pet trust—an arrangement that 46 states permit. "Pet trusts aren't just for the wealthy," says Frances Carlisle, a trust and estates attorney in New York. For most pet owners, she adds, the goal "is to make sure a plan exists for the care of the animal." Pet trusts can take effect either after you die...