In a four-legged, furry version of the classic rags-to-riches story, wealthy Italian widow Maria Assunta rescued a stray cat from the streets of Rome and gave him a proper home and name: Tommaso. As Assunta’s health failed, she tried for several years to find an animal organization to entrust Tommaso with. When they could not find a suitable organization, Assunta left her $13 million estate directly to the cat. In fact, in her will, she named her nurse as caretaker. She died in 2011 at age 94. She knew that doing so would ensure caretakers would take care of her beloved Tommaso.
Category Archives: Assets
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Aug
Aug
It is not unprecedented for a family to discover a high-worth asset such as artwork or sports memorabilia that belonged to a late relative but was not part of their estate plan. It is also possible that an asset not thought to be valuable turns out to be worth a great deal of money.
16
Aug
Aug
A power of attorney addresses who can act on your behalf for financial and medical matters. In some cases, a power of attorney takes effect only if you are unable to manage your affairs; at other times, it can take effect immediately. A power of attorney can be general and grant another person broad authority to handle your affairs for you, or it can describe only those specific matters you want another person to handle on your behalf.
09
Aug
Aug
When raising children, most parents hope to shape their children’s behaviors, provide them with specific values, and help them become productive members of society. Parents often use a “carrot and stick” approach to get the desired outcomes, incentivizing approved actions with rewards and discouraging unapproved actions with punishments.
19
Jul
Jul
Many people want their loved ones to avoid the probate process because it can be expensive, time-consuming, and public. It can also be difficult for a loved one to manage while they are grieving. However, some people appreciate having a neutral third party (the judge) oversee the winding down of their affairs in the event there may is a conflict.
12
Jul
Jul
Estate planning often involves dealing with difficult situations. Putting off thinking about these decisions is not the solution. By delaying making plans for how best to care for an addicted loved one when you are no longer around, you risk losing an opportunity and control that can further complicate matters.
05
Jul
Jul
Given Snow White’s young age when her father passed, it is likely that she was too young to manage a large sum of money or rule a kingdom without some guidance and oversight. Therefore, whatever he wanted to leave behind for Snow White could have been held in trust for her, either under his will as a testamentary trust or as a sub-trust of his revocable living trust. A trust would have allowed him to craft specific instructions on when and how Snow White would receive her inheritance. If the king created a separate sub-trust for Snow White, he could provide instructions so Snow White would receive her inheritance when the king died instead of waiting until her stepmother passed away to receive whatever was left over.
28
Jun
Jun
Before she died, Gloria Vanderbilt, heiress to the Vanderbilt fortune created by her great-great-grandfather, railroad and shipping tycoon Cornelius Vanderbilt, told her kids she would not leave them an inheritance. Gloria was herself the beneficiary of a trust fund worth an estimated $2.5–$5 million in 1925, or around $35–$70 million today, and had a reported net worth of around $200 million when she passed away.
21
Jun
Jun
A wrongful death, as the term implies, is a death that results from the “wrongful” action of another, such as negligence, carelessness, recklessness, or intentional conduct. Both individuals and entities, such as businesses and governments, can commit a wrongful action that leads to death. For example:
14
Jun
Jun
In January 2024, Jay Leno petitioned the court as the conservator of the estate of his wife, Mavis Leno. His reason for this is so he prepare an estate plan on her behalf and for her benefit. Unfortunately, doctors diagnosed Mrs. Leno with dementia and has impaired memory. Her impairment has made it impossible for her to create her own estate plan or participate in the couple’s joint planning. According to court documents, Mr. Leno wanted to set up a living trust and other estate planning documents to ensure that his wife would have “managed assets sufficient to provide for her care” if he were to die before her. Right now, Mr. Leno is managing the couple’s finances, but he wanted to prepare for a time when he is no longer able to do so.