In spite of our wonderful snowy week, we managed a post each day, and now we’re ready to offer them to you in a way you can check them out all in one place. Be cool, stay warm and be prepared for anything (at least weather-wise). Have a wonderful Saturday.
(Monday, February 23, 2015) Mr. Cub's Will Contested
Legendary baseball player Ernie Banks, known to fans as "Mr. Cub," passed away recently. Now it appears that there are two disputes involving his passing, including a will contest.
Reference: ESPN Chicago (February 16, 2015) "Suitability of Banks' caretaker faulted."
(Tuesday, February 24, 2015) Planning Lessons from the World of Sports
Several family run sports teams have failed over the years and the families have been forced to sell the teams. Some of the reasons for the failures can be enlightening for other family owned businesses if they wish to survive after the founder passes away.
Reference: Forbes (February 16, 2015) "Another Family Sports Team Failure, Another Lesson Learned."
(Wednesday, February 25, 2015) Passing Down a Private Foundation
Many wealthy people create private foundations as a way to continue using their wealth to support causes they believe in after they pass away. It is an extremely important part of many estate plans. However, for private foundations to work after the founder passes away, it is important to plan properly.
Reference: Forbes (February 11, 2015) "Do's And Don'ts of Passing Down A Private Foundation."
(Thursday, February 26, 2015) Different Types of Trusts
While all trusts share some similarities, there are many different types of trusts that you can use as part of your estate plan. For that reason, it is helpful to know what some of your alternatives are if you are considering getting a trust.
Reference: Wills, Trusts & Estates Prof Blog (February 13, 2015) "Choosing A Trust."
(Friday, February 27, 2015) Estate Planning and Cohabitation
More and more young Americans are choosing not to get officially married, but living together as unmarried couples. This trend creates special needs in estate planning for these couples.
Reference: Wills, Trusts & Estates Prof Blog (February 12, 2015) "Planning for Cohabitating Couples."
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