Posts Categorized: Estate Planning

A Not-So-Happy Accident: Bob Ross’s Estate Planning Failures Leave His Son With Next to Nothing – Part 1

by Tara Cheever ~ Attorney at Law September 20, 2021 Business Law, Estate Planning

As the host of the wildly popular The Joy of Painting TV series on PBS, Bob Ross became a pop-culture icon, who was equally famous for his giant head of hair, soothing baritone voice, and folksy demeanor as he was for his iconic landscape paintings. And like so many other artists, Bob’s artwork and image would become even more popular following Bob’s death in 1995.

Bob’s philosophy in both painting and life was that there “were no mistakes in life… just happy little accidents.” Sadly, as detailed in the recent Netflix documentary Bob Ross: Happy Accidents, Betrayal & Greed, Bob’s failure to coordinate his business agreements with his estate plan was anything but happy, leaving his only son largely unable to benefit from his father’s fame and fortune.

As we’ll discuss in this series, Bob’s planning failures have led to an ugly court battle between his former business partners and his family, who were fighting for control of the lucrative intellectual property rights to the Bob Ross brand. READ MORE

Estate Planning Must-Haves For Single Parents

by Tara Cheever ~ Attorney at Law September 16, 2021 Estate Planning, Healthcare, Trusts, Wills

Having an estate plan that covers the care of your children in case you should be in a severe accident, fall ill, or die welcomes peace of mind for the single parent knowing everything and everyone they love is taken care of.  Here are the must-haves that can protect your children if something were to ever happen to you: READ MORE

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 2

by Tara Cheever ~ Attorney at Law September 7, 2021 Estate Planning, Healthcare, Tax, Trusts

As we reported last week in part one, Legendary hip hop artist DMX born Earl Simmons passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

Although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion.

The saddest part of this whole situation is that virtually all of the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been easily prevented with straightforward estate planning. Using revocable living trusts, for example, DMX could have ensured that his children and fiancée would have immediate access to his assets upon his death or incapacity, avoiding the need for court involvement altogether and keeping the contents and terms of his estate totally private. READ MORE

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 1

by Tara Cheever ~ Attorney at Law August 31, 2021 Estate Planning, Wills

Legendary hip hop artist DMX, born Earl Simmons, passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

DMX and Desiree, who were engaged in 2019, had been together for seven years, and she gave birth to his 15th child, a boy named Exodus Simmons, in 2016. However, because the two were never married and DMX did not create any estate planning providing for her, Desiree will likely inherit nothing from her late fiance’s fortune.

Don’t let what happened to DMX’s family happen to your loved ones. Whether you have no estate plan at all or have a plan that needs review, even one created by another lawyer, contact us, as your Family Lawyer, today. With our support and guidance, we can ensure that your loved ones will always be provided for and stay out of court and out of conflict no matter what happens to you. READ MORE

Don’t Forget To Protect Your Furry Family: Estate Planning For Your Pets

by Tara Cheever ~ Attorney at Law August 24, 2021 Estate Planning, Pets, Trusts

Humane Society estimates that between 100,00 to 500,000 pets are placed in shelters each year for exactly this reason, and a large number of these animals are ultimately euthanized.

Unfortunately, the law considers pets to be nothing more than personal property just like cars, furniture, and electronic devices. So unless you take the proper steps to include your pet in your estate plan, your beloved companion could end up in a shelter or worse following your death or incapacity. READ MORE

Everything You Need to Know About Including Digital Assets In Your Estate Plan – Part 2

by Tara Cheever ~ Attorney at Law August 18, 2021 Digital Assets, Estate Planning

Last week in part one, we discussed some of the most common types of digital assets and the current legal landscape governing what happens to those assets upon your death or incapacity. Here, we offer some practical tips to ensure all of your digital assets are properly included in your estate plan, so these assets can provide the most benefit for your loved ones for generations to come. READ MORE

Preserving Your Money and Property Beyond the Third Generation

by Tara Cheever ~ Attorney at Law August 3, 2021 Asset Protection, Estate Planning, Trusts, Wills

Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. Providing for multiple generations through your financial and estate plans is a significant legacy to leave your family. As previously mentioned, ensuring that it is done properly requires careful planning with experienced professionals. To take the next step in your planning, consider the following steps (if you have not already done so): READ MORE

The Difference Between a Prenuptial Agreement and a Will or Trust

by Tara Cheever ~ Attorney at Law July 27, 2021 Estate Planning, Personal Representative, Trusts, Wills

Having a will or a trust is something responsible people do, but despite the more common use of these tools today, a certain percentage of the general population still misunderstands the difference between the reasons for creating a will or a trust and the reasons for entering into a prenuptial agreement. What do these different legal documents do? And when should you use them? READ MORE

Britney Spears’ Nightmare Conservatorship Underscores The Vital Importance Of Incapacity Planning – Part 1

by Tara Cheever ~ Attorney at Law July 13, 2021 Conservatorships, Estate Planning, Healthcare, Incapacity, Trusts

Since the age of 16, when she burst onto the charts with her debut single, “…Hit Me Baby One More Time,” Britney Spears has been one of the world’s most famous and beloved pop stars. Yet despite her massive fame and fortune, Britney, who is now 39, has never truly had full control over her own life. READ MORE

My Loved One Has Died – What Do I Do Now?

by Tara Cheever ~ Attorney at Law July 2, 2021 Estate Planning, Probate

When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss of your loved one. We hope the following guide will help facilitate this process during a stressful and emotional time. READ MORE

Just Married? 6 Estate Planning Essentials for Newlyweds – Part 2

by Tara Cheever ~ Attorney at Law June 29, 2021 Estate Planning, Guardians for Minor Children, Healthcare, Incapacity, Personal Representative, Power of Attorney

Indeed, once your marriage is official, your relationship becomes entirely different from both a legal and financial perspective. With this in mind, last week in part one, we discussed the first three of six essential items you need to address in your plan, and here we cover the final three. READ MORE