Marilyn Monroe has undoubtedly been one of the most enduring figures in American popular history, even several decades after her untimely death. Most recently, her estate settled a long-fought legal battle over the rights to photos of the pop icon. At the center of the legal debate are post-mortem publicity rights, which have been addressed by Nevada laws, unlike many other states. Monroe's estate administration has been contentious, due to legal contests such as this.
Last week folks in Nevada and across the country remembered Martin Luther King, Jr. for his efforts in American history. His legacy is also a great example of the great need for estate planning. Currently his family is in a battle with his former secretary over documents she claims Martin Luther King, Jr. gave her. Just like the King family, more than half of all families in America are without a will and may face a similar situation once the estate owner passes away.
Many people think that estate planning is for individuals with lots of money and assets. The recent passing of Apple CEO Steve Job is a prime example. Valued at an estimated $2.5 billion, almost everyone would agree that, with this kind of money, it's important to allocate where it should go. However, having an estate plan in place isn't just for the super wealthy who have lots of money; everyone should have one. Here are a few reasons why:
This year marks the final year of the Bush-era estate tax exemptions-that is unless Congress acts. The Bush-era tax exemptions put forth at the early start of the millennium will end on Dec 31, 2012. So what will they look like in 2013 if they are left to expire?
Many residents in Nevada who are approaching retirement age are concerned about their estates. After a lifetime of work, they often wish to leave something to their children or grandchildren. Without proper estate planning, that task can become troublesome and expensive, often ending up in probate court. Now, seniors have to worry about losing money as new tax laws begin to go into effect.Estate planning, when done properly and early, can help individuals and families keep more of their money by lowering their tax obligations. Some ways to accomplish this are to set up family-limited partnerships or certain types of trusts. To deal with estate taxes, individuals may want to consider what is known as a Stretch IRA. These are just a very few of the options that seniors have when it comes to planning for their children and grandchildren.