Where To Live in Phoenix [Quiz]
Take this quiz and figure where you should live in Phoenix.
The post Where To Live in Phoenix [Quiz] appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
Take this quiz and figure where you should live in Phoenix.
The post Where To Live in Phoenix [Quiz] appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
Learn how to clean granite countertops with cleaners made at home.
The post How To Clean Granite Countertops and Make Them Sparkle Like New appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
The Super Bowl is coming up and you know what that means: itâs time to start planning your party. Super Bowl parties are all about the excitement of the game, delicious food, and great company. You invite your closest friends…
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The post Throwing a Super Bowl Party on a Budget [Budgeting Party Cost Calculator] appeared first on MintLife Blog.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
When pop superstar Prince died of a fentanyl overdose in 2016, he left behind significant assets, many relatives ⦠and no will. It was a recipe for disaster. In addition to tangible assets â money in the bank, real property â Prince left music rights and the value inherent in his name and likeness. Comerica, the estateâs administrator valued it all at $82.3 million; the IRS said it was worth twice that amount â a whopping $163.2 million â and asserted a tax claim for $39 million.
It took six years and tens of millions of dollars in legal fees, but the heirs and the IRS finally came to terms in January, agreeing on a final valuation of $156.4 million. In the interim, there were changes. Princeâs half-brother passed away in 2019, leaving a will that opened the door for new, unrelated parties to assert claims against the estate. Now the process of distributing the vast estate finally begins.
We may not possess a fraction of Princeâs estate, but we can all treat our heirs like royalty. Simple steps now can prevent a nightmare like the one his family experienced. These are five key lessons from the Prince estate debacle.
It sounds obvious, but an up-to-date will was clearly not on Princeâs priority list. Your will tells the court how you want to distribute your property, and it ensures that minor children will be placed in the care of someone you trust. Without a will, the court will make those decisions on your behalf.
To be valid and binding, a will must be signed by someone of sound mind; unrelated witnesses may also be required in your state.
Although a DIY will may sound enticing, donât do it. A mistake can send an otherwise simple will to litigation, where any money saved is quickly eaten up by legal costs. Have a legal professional create your last will and testament.
Start your inventory with big-ticket items, such as real estate and savings accounts â trusts and life insurance policies will bypass probate if beneficiaries have been named â and work your way down. Your grandmotherâs recipe book and your fatherâs tie clip may not have monetary value, but they mean something to somebody. Put them on a spreadsheet so they donât fall through the cracks when youâre no longer here. It may also be helpful to add a column to the spreadsheet showing to whom you intend to pass the asset, so you can refer to it as you draft your will.
The IRS and Comerica settled last spring on the real estate portion of Princeâs estate, but it took another year and a half to arrive at a valuation for intangible assets, such as rights to Princeâs music. The IRS ultimately dropped a $6.4 million âaccuracy-related penaltyâ it had levied on Princeâs estate, and the Minnesota Department of Revenue also dropped an accuracy penalty. However, the fight over value resulted in a huge tax bill that will likely force Princeâs heirs to sell their interests in his catalog, rather than reaping its long-term benefits.
Protect your heirs by enlisting the services of a reputable expert to value jewelry, artwork and other items of unique value, and be sure to keep all documentation in a safe place. Although valuations change over time, having a general idea of an assetâs value when making estate plans can spare your heirs severe tax consequences down the road.
Include a valuation column on your asset spreadsheet in which you insert the best information you have for each item and the basis for that valuation. If youâve received a professional appraisal, indicate the source and the location of any supporting documentation; if itâs a best guess, state as much. Save your beneficiaries a fight over valuation by assigning a value or a process for determining values if one beneficiary wants to buy out others or receives a specific property.
Even the best of families can morph into dysfunction when a loved one dies. How sad to think that your death could create a permanent divide between your relatives. Make things simple by creating a clear plan that leaves nothing to chance. Just because youâve told a close relative that you want them to have your silverware, donât assume that everyone knows this or will be happy about it.
In Princeâs case, the court was left to divide his extensive estate â including his Paisley Park studios-turned-museum, real estate and music rights â equally among six blood relatives. Had Prince simply spelled out his wishes prior to death, his heirs may not have been happy but they would have received their inheritance intact and in a reasonable time. Instead, they had to watch and wait as the estate doled out tens of millions of dollars to lawyers and consultants and valuable assets to pay those fees.
A letter that clearly explains to your heirs the reasons for your decisions can head off hurt feelings, acrimony and possible legal challenges. When the only decisions your relatives have to make are what to wear to the service and what kind of food to order afterwards, youâve given them a precious gift.
Designate a trusted individual to carry out your will’s instructions and manage the affairs and wishes of your estate. Donât make it a surprise. The more prepared and informed your executor is, the smoother the process will be. Your designee should understand what he or she will be required to do. If you sense any hesitation or concern, talk through those concerns. If it still doesnât feel right to one or both of you, identify another person to serve in this important capacity, someone who will truly have your heirsâ best interests at heart.
The largest beneficiary of Princeâs estate was the IRS, followed by the administrators and attorneys. A close family member or friend may be willing to waive compensation and should work to keep fees down so that the bulk of your estate passes to your loved ones.
Prince probably thought â like most of us do â that he had plenty of time to get his affairs in order, or he may have concluded that whatever happened after he was gone was none of his concern. Creating an estate plan is an extremely personal decision, but it has huge consequences. It is perhaps the strongest expression of love that the law recognizes.
Show your love some romance in these cities.
The post The Best Cities for a Romantic Valentine’s Day appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
Show your love some romance in these cities.
The post The Best Cities for a Romantic Valentine’s Day appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
There’s so much to do in Madison it will be hard to fit it all in.
The post The 12 Best Neighborhoods in Madison for Renters in 2022 appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.