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The judge believes the resolution is in the teen’s best interests. Kira told the judge that she did not object to the settlement but needed more information than what has been given her by her guardian ad litem, Michael Augustine, who was appointed last September to advocate for the teen’s interests. Augustine denied the claim that he did not keep Kira informed about the settlement. He said he was pleased that the settlement was approved. He filed the will contest petition on behalf of the teenager and argued that when Kirk’s will was created, its beneficiaries “knew or should have known (Kirk Kerkorian’s) health was failing, that he was dependent on the persons surrounding him for his daily living needs and that he was highly susceptible to the influence of the persons on whom he depended.” Augustine’s petition also claimed that the will’s beneficiaries took advantage of the trust and confidence that Kirk placed in them and “suggested and dictated the contents of the document, arranged for the document to be drafted, arranged for execution of the document and caused (Kirk Kerkorian) to execute the document.” Kirk Kerkorian was obligated to provide $7 million to a trust created on Kira’s behalf based on his marital settlement agreement with ex-wife Lisa, the teen’s mother. Under the will contest settlement, another $1.5 million will be given to the teen’s trust. Lisa Bonder Kerkorian was married to Kirk for less than a month in 1999, and he denied during his lifetime that he was Kira’s father. However, he grew fond of the girl and decided to provide for her nonetheless. Kerkorian died last June at age 98. He developed numerous properties on the Las Vegas Strip, such as the MGM and MGM Grand. Kerkorian also invested in and operated businesses in a number of industries—including airlines, automakers, Chrysler Corp., General Motors and film studios. He bought MGM Studios three times, bought United Artists and tried to acquire Columbia Pictures. Reference: myLAnews.com (March 1, 2016) “I am my rich father’s child! Teen gets $8.5M as bio daughter of Kirk Kerkorian” #WillChanges #HoustonWills #Probate #ProbateCourt #Inheritance #LeagueCityProbateAttorney #HoustonEstatePlanningLawyer #Trusts

Many of our estate planning and probate clients are clearly dealing with anxiety and how to process grief

Among parents who had created a will, 61% of those with stepchildren and biological children planned An estate planning attorney can provide valuable guidance.

If you are married and own property you intend to gift, ask your estate planning attorney to check state A “durable” power of attorney will act as your agent, making medical and/or financial decisions for you know how to find all required information, including passwords, to access your online accounts—your financial of your estate plan. can review your estate goals to make certain your legacy intentions are consistent with your overall financial

If you plan on both being owners and taking part in the day-to-day management of the business, a partnership This could come into play during a divorce, the untimely passing of a spouse, or if one of you simply

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

Your community should have evacuation plans that enable people with mobility, vision, hearing or cognitive

In addition, you can ask your estate planning attorney to help you with the process. the age of your children at the time, this could be a long-term commitment, which may be tough for an older You and your spouse should have enough life insurance to provide for your kids financially through college If something changes, contact your estate planning attorney to change your guardian choice.

In the past, the only way single people could avoid having their home avoid probate—without adding someone to the title while they were still alive—was by creating a trust. This could be time-consuming and expensive. Starting in 2016, homeowners who want to use the new option will simply sign an instrument called a Simple Revocable Transfer on Death Deed. This will name who will receive the property. They must have it notarized and record it with their county within 60 days but can change their mind and revoke the deed at any time. This new law expires January 1, 2021 in order to allow time to study its effects. Transfer on death deeds that are executed between now and then would not be impacted, but would still be in effect and could be revoked at any time. However, new ones can’t be executed after that date unless the law is extended. The law requires the California Law Revision Commission to study and make recommendations regarding the new deed to the Legislature by January 1, 2020. Reference: The San Francisco Chronicle (November 9, 2015) “Californians have a new way to keep homes out of probate” #AssetProtection #ProbateAttorney #HoustonEstatePlanning #LeagueCityTrustsandEstates #SimpleRevocableTransferonDeathDeed #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

greatest concern, according to the MarketWatch article, “What to know about Alzheimer’s and retirement planning This means it’s critical to properly plan for your retirement years early in case you or a loved one Financial planning often gets delayed, but there are many tasks that should be done to make things easier Identify family members who should be included in financial plans, like those who can help with routine financial responsibilities.