On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Administration on Tuesday, February 21, 2012
As Whitney Houston is laid to rest, fans in Connecticut and beyond will pay tribute to the woman with the golden voice who inspired a generation of singers and songwriters. After family and friends say their final goodbyes, a legal battle over her estate may soon begin.
Her estate is not likely to be as valuable as Michael Jackson's. After all, she was most known for her singing talent, not her songwriting. Her most notable hits were written by other people. "I Will Always Love You" was originally written and recorded in 1974 by Dolly Parton. "I Wanna Dance With Somebody" was written by George Merrill and Shannon Rubicam in 1987, and "Didn't We Almost Have It All" was written by Michael Masser and Will Jennings. Since she did not have writing credits, she is not entitled to the royalties.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Friday, February 17, 2012
As many Connecticut residents know, creating a comprehensive estate plan is extremely important in making sure your assets are protected when you pass away. However, not only can estate planning help protect the assets, but a detailed estate plan can also save your loved ones significant time and money as they work to carry out your will.
One man recently discovered this after he spent thousands of dollars to go through the probate process after his wife passed away. Once the proceedings were complete, however, he discovered that a simple document could have prevented the whole process.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Thursday, February 9, 2012
Most people living in Connecticut would benefit from estate planning as a way to protect their valuable assets. However, one man has taken estate planning to a new level in an effort to shield his assets from a civil lawsuit.
John Goodman is the founder of the International Polo Club Palm Beach. He is involved in a wrongful death lawsuit for the death of a 23-year-old man in 2010. According to authorities, Goodman was driving drunk when he ran through a stop sign and crashed into the young man.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Administration on Friday, February 3, 2012
Although people don't typically think about their death, for estate planning purposes, it may be helpful. For those in Connecticut, it is never too early to begin estate planning, especially for people with valuable assets or people with clear intentions on where their money should go. One woman's generous donation serves as a good example of how beneficial proper estate planning can be.
Recently, the North Carolina Zoo Society received a donation of $1 million from one woman's estate. Officials at the zoo say that the woman told them about her intentions ten years ago.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Friday, January 27, 2012
Last week, we reported on the death of singer Etta James. Her situation was a reminder then and now how important estate planning can be, but she isn't the only celebrity whose unfortunate situation serves as a reminder to people to have their affairs in order.
Although no one likes to think about their own death, the reality is that tragedies can happen at any age. Author Steig Larsson, famous for his book "The Girl with the Dragon Tattoo," died suddenly of a heart attack at the age of 50. He had no will, and a lawsuit between his girlfriend of 32 years and his family followed. His family members inherited the estate, but his girlfriend remains in possession of a fourth manuscript that has never been published. The lawsuit has not yet been settled. This case illustrates the importance of planning an estate early.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Probate Litigation on Friday, January 20, 2012
Her music was made many years ago, but is still recognizable today. Blues singer Etta James died today at a Southern California hospital after suffering from leukemia, dementia and kidney failure. Her death comes just weeks after her two sons went to court over conservatorship of her $1 million estate.
In late December, a judge ruled that the singer's husband would continue to make decisions about her medical care and finances. Her husband originally asked for $500,000 to be released from her estate to pay for her $30,000 a month medical care. However, the judge only released $350,000.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Friday, January 13, 2012
In the digital age, our world is constantly changing. New technologies seem to appear every day. While new technologies often help people become more organized and efficient, it can cause problems for family members when a loved one dies. It is for that reason that detailed estate planning is essential for those living in Connecticut and beyond.
In the past, financial information was gathered by waiting for the bills to come through the mail, or looking through filed paperwork. However, nowadays most people store their financial information online. When a loved one dies, family members may not be aware of certain accounts or may not know the information to access the accounts.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Administration on Thursday, December 29, 2011
Estate planning is important today just as it was almost 100 years ago, as evidenced by the estate of Wellington R. Burt, a man who grew his fortune in the lumber industry during the 19th century.
The lumber tycoon died in 1919, but during his life had grown his estate to a massive $110 million. While many family members may have hoped through his estate planning that they would inherit some of the money, Burt didn't allow any of his family to touch the money for decades. In his will, he asked that his fortune not be distributed until 21 years after his last grandchild died.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Thursday, December 22, 2011
As Connecticut residents go through the estate planning process, there are many factors to keep in mind. In juggling these many factors, it is important to remember that an individual will not be around when the time comes to distribute the assets that are left behind. It is for that reason why it is good to periodically review previously made estate plans, otherwise, significant problems could arise.
For example, one woman tragically died in her early 50s from breast cancer. Instead of leaving her adult children listed as the beneficiary for her IRA plan, she left her own mother. Because the woman's mother was on Medicaid, any inherited funds automatically went to the state. Presumably, the woman had listed her mother as the beneficiary when she was much younger and when her children were minors, but because she did not revisit the matter, the money in her IRA plan was effectively lost.
On behalf of Riefberg, Smart, Donohue & NeJame, P.C. posted in Estate Planning on Wednesday, December 14, 2011
Families often travel many miles to get to their destinations for the holidays. It is a wonderful time to catch up and reminisce, but some experts say it is also an ideal time to discuss estate planning.
According to the news source, asking family members if they have chosen an executor for their estate may be a good place to start the conversation. An executor is someone who administers the estate and takes care of collecting the assets, paying any debts and eventually distributing the assets to the beneficiaries. In some cases, it is beneficial to appoint an alternate executor. Having a full understanding of who the executor is and any other alternates will only make the process easier.
