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October 2016 Archives

Purple haze envelopes Prince estate

His sprawling genius took elements of funk, rock and pop music and reimagined them, creating dazzling hybrids that captivated audiences for decades. When he died earlier this year, Prince left a breathtaking musical legacy for future generations to enjoy.The artist also left behind an enormous estate, but no will or trusts with which to divide those valuable assets to heirs of his choosing. Because Prince chose, for whatever reason, not to do even routine estate planning, months of wrangling between presumptive heirs has ensued, with the promise of more of the same in months ahead.

Blended families have unique estate planning concerns

Many of us have heard that the divorce rate for first-time marriages hovers at around 50 percent. While there are fluctuations, peaks and valleys in the number of divorces from year to year, this sobering statistic is essentially true. The divorce rate for subsequent marriages is even higher, with as many as 75 percent of all third (or higher) marriages ending.

Tragic reminder of the importance of estate planning

Because Torrance is so close to Los Angeles, we get to enjoy with our neighbors the highs and lows of the Dodgers and Angels. One of the recent low points was the news of the passing of pitcher Jose Fernandez. The 24-year-old Miami Marlins star known for his skill and joyful approach to the game died recently in a boating accident.A recent column by a financial advisor noted that Fernandez's death reminds us all that "nothing in life is promised." He wrote, too, that the tragedy is also a reminder that it is crucial to have an updated estate plan that will protect you, and most importantly, protect your family.

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