There is various tax saving strategies that can be put into that will prevent finances in an estate from being depleted. Unfortunately, many people do not understand just how much taxes can affect one's finances in the long-term.
The U.S. Supreme Court’s decision in a bankruptcy case may have long-term implications on estate planning strategies. Essentially, the question before the court is whether a debtor who has sought bankruptcy protection and then inherits a loved one’s retirement account is compelled to turn over the proceeds from such an account to creditors.
Everyone should write a will. There is no doubt about that. A will can clarify your end-of-life wishes on a wide variety of matters, not the least of which is how you want your assets handled after you die. An attorney can help you prepare a will to make it most effective. However, depending on your particular situation, a will alone may not be the best way of ensuring that your assets are protected and ultimately distributed according to your wishes.
Famed fashion designer L’Wren Scott reportedly has left her entire estate to her longtime boyfriend, Mick Jagger. Scott was found dead in her Manhattan apartment on March 17, and her death has been ruled a suicide. Her death was a traumatic surprise to those in the fashion industry.