Spanos Family Won’t Need to Sell NFL Team for Taxes: This is how it’s done

Alex Spanos, owner of the Los Angeles Chargers, formerly the longtime San Diego Chargers, recently passed away. The Team will not need to be sold to pay the massive Estate Taxes that are normally triggered by a transfer of a very valuable Family Business to the next Generation. Start Early When Mr. Spanos purchased the... [Read More]

The Family Business – Statistics, Structure and Unique Estate Planning Issues

This blog follows up our last blog regarding families and their transitions of assets and businesses. Sometimes those families are famously like the J. Paul Getty family or the Biltmore Estate Cecil family. Sometimes it is the family down the street with the dry cleaning store on the corner. In this blog we explore how... [Read More]

Succession: Getty and the Biltmore Estate

Estate planning often involves business succession planning as well.  Parents create a business that grows over time, employs many people and becomes part of the local culture and in some cases, expands into the region or country or even worldwide.  While we often think of the personal inheritances and personal assets in estate planning, when... [Read More]

Lessons in Estate Planning from the Brangelina Divorce

It’s not just about the divorce. The public is surprised and fascinated by the recent separation and pending divorce of movie stars, Brad Pitt and Angelina Jolie. We watch with fascination the same as we are drawn to watching a car wreck. In some way we are disappointed that two beautiful and competent people are unable to survive... [Read More]

A Common Will Misconception: A Will Does Not Avoid Probate

  I read it on the Internet so it must be true.  NOT TRUE. Don’t believe everything you read online, including information about the legal process.  A recent Reuter’s article, “Dearly beloved: Prince’s death prompts uptick in wills” contains misleading and incorrect information which can end up costing you more money and time then is... [Read More]

Lessons from Prince: How the IRS becomes family

As I discussed in my previous blogs (Prince’s Estate Plan)(Prince’s Unlikely (and possibly, Unwanted) Heirs) Prince’s lack of Estate Planning teaches us the following lessons: How to let the IRS become family… Prince’s lack of Estate Planning is making the Internal Revenue Service his primary beneficiary, an unnamed heir, if you will. The IRS is going to take... [Read More]

Mental Incompetency: Two high profile cases, Two lessons learned

Lesson 1: Sumner Redstone, Billionaire: Mental Incompetency Case Dismissed The Trial over the Mental Incompetency of 92 year old billionaire, Sumner Redstone (former chairman of Viacom of the Viacom Media Empire), was dismissed by the Judge. As previously stated in my blog “Media Mogul Redstone Court Fight” click here  Mr. Redstone’s former girlfriend had filed an... [Read More]