Empire Estate Lawyers

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Does your #probate #attorney think about #estates all the time, even when they’re on vacation? 🤓

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While most people opt for revocable trusts, irrevocable trusts can be helpful for protecting assets against large estate taxes as assets placed into this kind of trust are usually exempt from the grantor's taxable estate. It's incredibly important that you work with an experienced estate attorney who has your best interest when establishing this type of trust, because as Vanilla Ice states, there are many "vultures" who are willing to pounce on their client's vulnerability. #estateplanning #vanillaice #estate #estateattorney https://lnkd.in/eiUZ85TA

Many people underestimate the role of a trustee. When selecting a trustee, it is essential to take into consideration the responsibilities this individual (or corporation) must undertake in order to properly manage a trust. There are many cases in which a poor choice in trustee has led to the trustee mismanaging funds, and declining to serve in the best interests of the trust's beneficiaries. #trust #estate #estatebattles #trustee https://lnkd.in/egg8R3an

IRS Extends Relief for Beneficiaries of Inherited IRAs: When someone dies with a qualified retirement account, most non-spouse beneficiaries must receive a total distribution of the deceased's interest within 10 years after the employee’s death. If the account owner died on or after their required minimum distribution (RMD) beginning date, the non-spouse beneficiary is required to take annual RMDs through the end of the 10-year period, instead of waiting to take it all in the tenth year. Any shortfall of a yearly RMD normally results in a steep excise tax imposed on the beneficiary. On April 16, 2024, the IRS released Notice 2024-35, which extends a temporary waiver of the excise tax for beneficiaries who fail to take RMDs in 2024. Later this year, the IRS intends to issue final regulations on RMDs that will apply for 2025 and beyond. **NOT TAX OR LEGAL ADVICE** #estateplanning #probate #estates #wealthplanning #taxlaw

As trustee of her grandfather Elvis Presley's estate, Riley Keough is protecting her grandfather's legacy to ensure that a false creditor does not force the sale of Graceland. Estate representatives play a large role in ensuring that they protect their loved ones legacies and ensure all beneficiaries are taken care of. #elvispresley #graceland #estatebattles #estate #trust https://lnkd.in/esvP_T3S

As trustee of her grandfather Elvis Presley's estate, Riley Keough is protecting her grandfather's legacy to ensure that a false creditor does not force the sale of Graceland. Estate representatives play a large role in ensuring that they protect their loved ones legacies and ensure all beneficiaries are taken care of. #elvispresley #graceland #estatebattles #estate #trust https://lnkd.in/esvP_T3S

While the Hilton family is known for their hotels, how much do you know about their trust contest? When Barron Hilton and his wife Marilyn passed away, many questions arose about who would receive his assets. Hilton’s estate plan included a marital trust, which was irrevocable and provided him income his entire life. Hilton left 97% of his trust estate to his father’s foundation, in order to give back. However, his family contested the charitable gift when they passed away. #hilton #trust #estateplanning #estatebattle https://lnkd.in/e7NZS2dv