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estate administration & probate Archives

BIG NEWS ON TRUST TAXATION

accounting-finance-hand-921783.jpgFew of us feel delight when we hear the term "tax code". However, there has been some recent excitement in the area of trust taxation and administration that we all should direct our attention to.

Deceased musician's estate involved in financial dispute

The estate of Chris Cornell, who rose to fame in California and throughout the county during the 1990s as the head of Soundgarden, is involved in a financial dispute regarding college tuition. The late musician's daughter is requesting payment from the estate according to terms established in a 2004 divorce. The estate, however, claims it is only required to pay for college expenses, and since the daughter is no longer attending school, she is not entitled to payment.

Tom Petty's family feuding over his estate

Since his death in October 2017, Tom Petty's family has feuded over the late singer's estate. California residents who are creating their estate plans could learn something from the details of this celebrity case. The dispute revolves around a trust established by Petty, the Thomas Early Petty Living Trust, and some potentially contradictory provisions in it. Tom Petty's widow has alleged that two of his daughters are unjustly demanding control of certain intellectual property.

Carrie Fisher's estate detailed in probate papers

According to probate papers filed in California on May 20, Carrie Fisher's estate is worth about $6.8 million. The documents, which were filed in the Los Angeles Superior Court, state that the administrator of the estate has performed all of the duties required of him and all costs associated with administering the estate have been paid. Under the terms of Fisher's last will and testament, the assets will be added to the Carrie Fisher Living Trust.

Estate administration in California

The legal issues involved in administering an estate generally include making a list of the deceased individual's assets, paying their outstanding debts and then distributing any remaining assets to heirs or beneficiaries. During the probate process, the court appoints an individual to take care of these tasks. If the deceased individual had a last will and testament, this person is known as an executor. If the estate owner dies intestate, the court appoints an administrator.

John Singleton's family fighting over $35 million estate

California readers may have heard that director John Singleton died of a stroke in Los Angeles on April 28. Apparently, he had an outdated will, which means there could be conflict over his estimated $35 million estate.

A musician's estate remains open after three years

The estate of a famous singer and songwriter demonstrates why those who have accumulated wealth should engage in an estate plan. Those in California and elsewhere can pay heed to the plight of a multi-million-dollar estate.

Account for passwords in an estate plan

It is generally more convenient for California residents to receive bank statements and other documents electronically. Unfortunately, electronic records could also make estate planning more complex for both the plan creator and estate executor. This is because most bank and other accounts require a password to access them. Passwords may also be needed to get into the smartphone or computer that information is stored on.

Heirs of Prince want Comerica removed as estate administrator

As California fans of Prince continue to mourn his death, his heirs have petitioned a court to reduce Comerica Bank & Trust's role as estate administrator. The late singer and songwriter's siblings claim in their legal filings that Comerica has collected $10 million in fees from the estate while spending $45 million on probate expenses. Additionally, the estate still owes $31 million in federal and state estate taxes. As time passes, interest increases the tax bill.

How to be an executor of a will

Successfully carrying out the task of closing a deceased family member's estate may require an executor to probate the will, secure assets, notify beneficiaries and more. California residents who have done this job have benefited from working with attorneys, accountants and financial and insurance advisors. Unfortunately, executors often make mistakes that can easily be avoided by having the right frame of mind and remembering a few basic things.

Secure Your Future & Your Loved Ones’ Future By Planning Today.

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