With Super Tuesday approaching, the field of candidates should be narrowing. As the debate continues where will the candidates land on the estate tax or death tax issue? Will this be an issue that appeals to an aging population looking to pass on their accumulated savings and wealth or will it stay in the background? Only time will tell.
Actor Heath Ledger, 28, died, apparently drug related. Here's yet another story of a smart, funny, and talented performer being lost in the prime of his life. Drugs change people and ruin lives. The damage they cause may even reach beyond the grave. Could drug use and overdose fatalities form the basis for legal challenges in probate matters? Sure. Overdose and drug use could certainly be raised as issues concerning mental capacity. Drug use -- prescription or street -- may have a growing impact on probate matters.
If you're in a business relationship, put it in writing -- don't rely on a handshake. A $15,000,000 claim against Navajo painter R.C. Gorman's estate was recently dismissed. An individual claimed he was owed half of Gorman's 30 million dollar estate due to their partnership. Another independent source had indicated the claimant had done "background work" for Gorman. Gorman's will had left the claimant $10,000.
Handshakes are tough to prove, especially in a probate dispute. When there is no writing to support your side of the story, you're generally going to have to make a very strong case to prevail. If you find yourself without a writing, sometimes seeking a compromise with the estate (on moral or some other grounds) may be best. An estate compromise agreement may allow you to enter into a settlement with the estate, but these documents, negotiations and reaching agreement can prove challenging from legal, tax, emotional and many other areas. Timing can also be very important.
A Boston Globe's recent articlediscusses guardianship problems in Massachusetts. Guardianship hearings may occur without the potential "ward" being represented by a lawyer. Don't our law-abiding seniors deserve zealous legal representation equal to or greater than that provided to a common criminal? If you are fighting for your own or a relatives freedom, don't go it alone. The stakes are too high and the system is too burdened -- not only in MA but all over...
A new year is a good time for resolutions and new endeavors. Have you been putting off making a will or has it been some time since your will or estate plan was reviewed? With probate challenges getting costlier and longer to resolve, why not put your wishes in writing and prevent as much trouble as occurring as you can. You've worked hard to get where you are and you have the right to know your wishes and intentions will be carried out.
Do you really want to let the government decide how your earnings and wealth are distributed or would you like to have some say in the matter? The laws for wills and estate plans are different in every state, consult a professional in your state or your family may end up paying for it later.
Happy New Year and best wishes in 2008.
