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Trial and Heirs Top Tips For The New Year

It's the beginning of the year, which means that we all have well-intended New Year's resolutions.  The diet, the exercise regimen, saving money...and finally doing our estate and financial planning.  The celebrity stories in Trial & Heirs:  Famous Fortune Fights! can help motivate you to actually do your planning in 2014.  Really!   Trial and Heirs Famous Fortune Fights

Here are some of our easy-to-use tips for the new year:

1.  Get your financial affairs organized in 2014.  Create an "asset" list, including the account numbers, names of financial institutions, and related information for your insurance, stocks, bonds, CDs, securities, bank accounts and other investments.

2.  Store your asset list and your estate planning documents in a fireproof box, safe, or safety deposit box.  Remember to make sure that your loved ones can find and access these documents!  We have an Estate Planning Organizer to help you with this.  Just email us at contact@trialandheirs.com if you want to learn more.

3.  Review and update your estate planning documents and your financial plan with your professionals in 2014, especially if you haven't done so in the last few years or if you've experienced any life events, such as the birth of a child or a divorce.

4.  If you have a revocable living trust, work with your estate planning team to ensure that your investments, insurance, and other assets are properly titled into your trust.  If this isn't done, then the trust doesn't do you much good!

5.  Have the conversation with your loved ones about their estate planning.  Remind them how important it is to have power of attorneys, a will, and for most people, a trust.  The celebrity stories in Trial & Heirs are a great way to get this conversation started!

Feel free to share these New Years resolutions with your family members, loved ones, clients and prospects to help motivate them to get their estate planning in order!

By Danielle and Andrew Mayoras, co-authors of Trial & Heirs: Famous Fortune Fights!  For the latest celebrity and high-profile cases, with tips to protect yourself, your loved ones, and your clients, click here to subscribe to The Trial & Heirs Update.  You can “like” them on Facebook and follow them on Twitter and Google+.

For legal help in Michigan, visit Danielle and Andy's law firm.


Access Hollywood Explores Britney Spears Conservatorship

Access Hollywood featured a segment about the Britney Spears Conservatorship. The show examined how the successful entertainer can headline a new multi-million dollar Las Vegas show and mentor young singers as an X Factor Judge, yet not be deemed competent enough to manage her basic life decisions like food, clothing and shelter.

Danielle and Andy Mayoras of Trial & Heirs served as experts for the segment. After watching the segment, what do you think?  Does Britney Spears still need the protection of a conservator — almost six years after the legal proceeding started — or is this all about the money? Watch Access Hollywood‘s segment on the Britney Spears Conservatorship:

 

By Danielle and Andrew Mayoras, co-authors of Trial & Heirs: Famous Fortune Fights!  For the latest celebrity and high-profile cases, with tips to protect yourself, your loved ones, and your clients, click here to subscribe to The Trial & Heirs Update.  You can “like” them on Facebook and follow them on Twitter and Google+.

For legal help in Michigan, visit Danielle and Andy's law firm.


Help For Families With Will Contests And Other Probate Disputes

Do you know a family who is arguing over an estate after a loved one has passed away?  Whether it's someone facing a possible probate court battle, wondering about contesting a will, or confused over how a family trust is being handled, finding an early solution before fighting erupts is critical. Danielle and Andy 2013

Through the years, Danielle and Andy Mayoras have worked with too many families embroiled in estate and probate conflicts to count.  As a result, they've started a new project based on their commitment to help families find resolutions outside of probate court and without spending money on attorneys.

Danielle and Andy are authors of Trial & Heirs:  Famous Fortune Fights!, which uses true stories of celebrity estate errors to teach people how to protect their heirs.  As Forbes contributors, Danielle and Andy regularly analyze celebrity stories to provide lessons for families across the country.

The husband-and-wife duo now wants to combine their legal expertise to help select families even more.  Danielle is an estate planning and elder law attorney who has counseled families for years to avoid probate and estate conflict.  Andy is a probate litigation attorney, who regularly represents families already in conflict over will dispute cases, estate disputes, trusts, and other probate disputes, through litigation, mediation, and arbitration.

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Bill Davidson Estate In $2 Billion War With IRS

Bill Davidson, the late owner of the Detroit Pistons, Tampa Bay Lightning, and Guardian Industries — one of the country’s largest private companies — had a reputation for being aggressive.  The Pistons aggressively built two championship teams under his watch and was inducted into the NBA’s Hall of Fame in 2008.  His businesses thrived through his management.  But the IRS now says Bill Davidson was too aggressive in his tax-reducing estate planning techniques.  Bill Davidson with Isiah Thomas

The IRS recently filed a petition in US Tax Court in Washington, D.C., claiming that Bill Davidson Estate owes up to two billion dollars in taxes.  Yes, that’s two Billion — with a capital “B”.  How could any individual rack up such a large tax bill?

Davidson, like many wealthy people who worry about estate taxes, gave away assets through gifts, trusts, and other transfers to his wife and other family members.  The IRS says that he undervalued the worth of these assets.  They feel his reported net worth of around $3 billion was really much higher — perhaps in the neighborhood of the $5.5 billion figure that Forbes reported his new worth to be in 2008.

Continue reading "Bill Davidson Estate In $2 Billion War With IRS " »


Learn From Celebrity Estate Planning Mistakes

As two lawyers who have written about celebrity estates for years and hosted the national television special Trial and Heirs: Protect Your Family Fortune! on PBS affiliates, we’ve noticed that stars often make the same big mistakes as people with very modest assets. It’s just the dollar amounts that differ.   Amy_Winehouse_in_2007

Learn from their goofs and avoid repeating them yourself. That way, you’ll protect your loved ones and be sure your inheritance wishes are carried out.

These are the top four estate-planning mistakes made by celebs — errors you’ll want to avoid:

 1. No will. Most of us naturally want to be sure our assets are distributed properly after we pass away, so it’s surprising that almost two-thirds of adults don’t even have simple wills. Whether you have millions of dollars or just a modest estate, estate planning is critical — starting with a will.

Unfortunately for the family of Amy Winehouse, the singer didn’t have a will when she unexpectedly passed away at age 27, leaving behind a $6.7 million estate.

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Trial & Heirs' Segment Premiers on FOX 2 News in Michigan

Michigan lawyers and authors, Danielle and Andy Mayoras, will be appearing twice a month on FOX 2 News in Detroit, Michigan to discuss the latest celebrity will, trust and estate cases and what people can learn to protect their own family fortunes.

The premiere segment of Trial & Heirs:  Famous Fortune Fights! included discussions of the Estates of Michael Jackson and Tony Curtis, as well as the shocking turn of events involving 94-year old Zsa Zsa Gabor:

Trial and Heirs: Famous Fortune Fights: MyFoxDETROIT.com

 

 

By Danielle and Andy Mayoras, co-authors of Trial & Heirs: Famous Fortune Fights!, husband-and-wife legacy expert attorneys, and hosts of the national television special, Trial & Heirs:  Protect Your Family Fortune! For the latest celebrity and high-profile cases, with tips to protect yourself, your loved ones, and your clients, click here to subscribe to The Trial & Heirs Update.  You can “like” them on Facebookand follow them on Twitter and Google+.

For legal help in Michigan, visit Andy and Danielle's law firm's websites, The Center for Elder Law and The Center for Probate Litigation   


Trial & Heirs' Top 5 Reasons To Beware Joint Ownership

Celebrities are not the only ones to make mistakes with their estate planning.  It happens to people all across the country on a regular basis.  The end result — just like with the rich and famous — often is an ugly and expensive family fight in court.  One of the most common estate planning mistakes that people make is joint ownership.   Elderly woman

For the most part, we’re not talking about when a husband and wife have joint bank accounts or the title to their home is held in both of their names.  While not ideal for estate planning, this is quite common and can often be used without problems, except in many second-marriage situations or large estates that may suffer adverse tax consequences.

The area where we see significant problems, however, is when a parent adds a child’s name to an asset, such as a bank account, investment, or real estate.  This is often done to help with bill paying, as a will-substitute to avoid probate court (often called a “poor-man’s will”), or simply to help an elderly loved one who needs assistance managing his or her assets.  This is a big no-no!

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