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April 2016 Archives

Without a will, it could take years to settle Prince's estate

Last Thursday, people in Massachusetts and around the world were stunned and saddened to learn that Prince died. The prolific singer, songwriter, producer and performer was just 57 years old and police in his hometown of Minneapolis continue to investigate what factors may have contributed to his untimely death. Earlier this week, the public learned more shocking news related to Prince's passing when his sister, Tyka Nelson, "filed an emergency motion...to have a special administrator appointed to gather and protect his assets." Nelson's motion was in response to her assertion that her late-brother had no will or other known estate planning documents.

In a committed relationship, but not married? Estate planning documents you need

According to the U.S. Census Bureau, today men and women are waiting longer to marry and some are foregoing marriage altogether and opting instead to remain in long-term and committed relationships. In cases where one individual in a committed relationship is involved in a serious car accident or passes away suddenly, his or her partner may have few to no legal rights with regard to making important medical decisions or inheriting personal belongings or assets.

Judge awards sisters $548M in estate dispute against brothers

We’ve previously discussed some of the estate planning challenges that parents with more than one child face when it comes to inheritance matters. Often, parents wish to be as fair and equitable as possible when leaving assets, property and personal belongings to children. In cases where parents fail to ensure that their wishes to provide equally for all children are concise and clearly laid out in estate planning documents, arguments and disputes between siblings are likely to erupt.

Why it's crucial to plan for long-term care needs

While we all know that aging is often accompanied by declining physical and mental health and capacity, most Americans fail to take steps to plan for long-term care needs. This is particularly problematic when you consider that, according to the U.S. Department of Health and Human Services, 70 percent of individuals who turn age 65 will require some form of long-term care.

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