By Russell J. Fishkind
AARP electronic versions provide you with sensible information, confirmed recommendations, and professional guidance.
Surrogate courtroom dockets are jam-packed with instances related to relations scuffling with over the resources and intentions of a deceased father or mother or wife. Probate Wars of the wealthy & recognized: An Insider’s consultant to property making plans and Probate Litigation tracks the property litigation instances of Anna Nicole Smith, Brooke Astor, Michael Jackson, Nina Wang, Jerry Garcia and Leona Helmsley and identifies the 5 common components that prompted such disputes. every one bankruptcy offers property making plans insights designed to assist participants plan their estates with no inflicting litigation. If, notwithstanding, probate litigation can't be shunned, the publication additionally offers necessary classes approximately undue impression claims, find out how to get rid of a fiduciary, difficult an property accounting and claims trying to put aside lifetime transfers that undermined the decedents intentions. Few - if any – property making plans books utilize...
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Extra resources for AARP Probate Wars of the Rich and Famous. An Insider's Guide to Estate and Probate Litigation
At least it’s over—right? Nope, the executor of Anna Nicole Smith’s estate appealed and the United States Supreme Court granted certiorari, meaning the highest Court agreed to hear this case . . again. In June of 2011, the United States Supreme Court effectively ruled that it is unconstitutional for a Bankruptcy Court to hear a probate litigation matter. Chief Justice Roberts delivered the opinion of the Court, and wrote in part: “This suit has, in course of time, become so complicated, that .
In the end, they really screwed themselves . . a crude reality. Legacy Lesson #5: The Elective Share and Prenuptial Agreement How could a brilliant billionaire like J. Howard Marshall II get married without a prenuptial agreement? Many think of negotiating a prenuptial agreement as a distasteful process but recognize it’s a necessary evil. Once the agreement is completed, the newlyweds’ rights and responsibilities in the event of a divorce are spelled out. For the agreement to have any teeth, both parties must have their own counsel and there must be full disclosure of their income and assets.
For the agreement to have any teeth, both parties must have their own counsel and there must be full disclosure of their income and assets. All true, but most people don’t recognize the importance of what seems like a boilerplate clause in the agreement, in which both parties waive their right of election and waive their rights in and to each other’s estate. Because many legislators didn’t like the idea of spouses disinheriting each other, the right of election protects a disinherited spouse so that he or she has the right to opt against their deceased spouse’s estate and claim an entitlement to approximately one-third of that estate.