A dispute one year in the making has found its way to federal court. Representatives for the estate of deceased pop legend Michael Jackson have filed challenges to the IRS' levies on the value of Jackson's likeness and image. The penalties associated with the IRS' request also apply to properties formerly owned by him, including the LLC that owns Neverland Ranch.
In a prior post, we highlighted how younger generations (specifically millenials) in Florida look at estate planning differently than baby boomers. They are not as enamored with passing down and receiving family heirlooms compared to older generations, and they are not as likely to contribute to charities.
Last week's lottery winners have experienced a life-changing event. Winning millions of dollars obviously can make one very popular (and infamous) at the same time. Stories abound of lottery winners blowing through their winnings in less than a decade, and some (like Florida winner Abraham Shakespeare) end up losing their lives because of greed.
When children or other heirs think about their possible inheritance, it most often elicits a discussion about a positive sum of money, grandmother's diamond ring or some other positive asset. The truth is that this isn't the only type of inheritance an heir might be left with after the death of a loved one.