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What does Warren Buffett's will look like?

On behalf of Albanese Law, LLC posted in Wills on Wednesday, May 22, 2013.

People are used to getting business advice and investment tips from leaders in the financial world. We hear about habits or trends that are beneficial for a person to adopt or common mistakes to avoid. But one topic that may be overlooked is what steps these business leaders take to protect and control their own assets when they are no longer able to do so themselves.

Estate planning is not something that comes up on a day-to-day basis, even though people make other financial decisions every day. Sometimes it can be helpful to be reminded that having a will or estate plan in place may be one of the most important financial decisions that a person can make. Recently, billionaire and influential business leader Warren Buffett tackled some questions related to his own personal estate plan.

3 areas to consider before setting up a trust

On behalf of Albanese Law, LLC posted in Trusts on Wednesday, May 15, 2013.

Every person manages their finances and economic goals differently. What may be an important expense to one person may have no effect on someone else with similar assets and wealth. Protecting an individual's goals and assets is one of the most crucial things that a person can do, but what happens to all of it after a person passes away?

This is one critical question that people should ask themselves before developing an estate plan. By first determining what should be protected and how that can best be accomplished, a person can begin putting together a comprehensive and effective estate plan.

One solution that many people in Massachusetts consider is to set up a trust. There are a few areas that a person will want to think about before setting up a trust.

Is conservatorship appropriate for troubled actress Amanda Bynes?

On behalf of Albanese Law, LLC posted in Guardianships and Conservatorships on Tuesday, May 7, 2013.

When a person comes into a substantial amount of wealth, there is no guarantee that he or she will be able to manage the assets very well on his or her own. Many people, especially those who are young, struggle with the sudden influx of money and cannot cope with the responsibility. In many cases, families can have an estate plan in place that assigns a guardian or conservator to protect the assets and wellbeing of a minor child or incapacitated adult.

People in Boston may be familiar with the recent stories about the young actress Amanda Bynes. Over the past few weeks, the young celebrity has been making headlines with her erratic and risky behavior. Sources indicate that the bizarre behavior all started shortly after she was given access to millions of dollars that she had earned earlier in her career. Many people have suggested the starlet is in need of a conservatorship or guardianship to protect her.

Wealthy Holocaust survivor leaves $40 million behind, no will

On behalf of Albanese Law, LLC posted in Estate Administration and Probate on Tuesday, April 30, 2013.

After a person passes away, loved ones and family members often struggle with many challenges on top of the grief of losing someone. Many times, these challenges involve the execution of a will. A person's will is a very personal way of dispersing any assets or money that the person leaves behind, and sometimes friends and family members are very surprised by certain discoveries during the estate administration and probate process.

A person's will may end up surprising many people. He or she may include or omit certain people who were not expecting such treatment. There are also instances in which a person who has died has much more money than anyone else realized. In some other cases, people are very surprised to learn that not only is a person wealthy, but he or she has not left a will behind.

Having a long-term care plan in case of 'the long goodbye'

On behalf of Albanese Law, LLC posted in Long Term Care Planning on Thursday, April 25, 2013.

People generally do not like to think of what will happen at the end of their lives and it can be unpleasant to consider the possibilities of getting sick. But the truth is that even though it can be difficult, having a long-term care plan in place is not only beneficial to an individual, but it often eases the financial and emotional strain of the loved ones around us.

One of the most upsetting illnesses that a person suffers in the late stages of life is Alzheimer's. Massachusetts residents know about the devastating effects of this disease on a person, which includes dementia and memory loss, but what may be less obvious is the financial and emotional toll it can take on those who are tasked with caring for an Alzheimer's patient.

Google gives users the tools to name heirs for online data

On behalf of Albanese Law, LLC posted in Wills on Thursday, April 18, 2013.

As many of us in Massachusetts and nationwide know, the Internet continues to change and play an ever-increasing role in most people's lives. It has become a tool that many of us use to store and create data, share photographs, or create online personas. The issue of who controls this digital information after a person has died has therefore been widely discussed. While we have tools like wills and estate plans to assign heirs and beneficiaries for our tangible assets, assigning these roles to handle digital information has been much trickier.

The issue of transferring ownership over digital property has been a very complex situation. Privacy laws in the United States make it virtually impossible to give another person control over online data and accounts, although there are legislative moves being made to tackle this issue. However, some Internet companies are taking matters into their own hands.

Irish woman leaves no will, heirs traced back to Massachusetts

On behalf of Albanese Law, LLC posted in Wills on Thursday, April 11, 2013.

Having a proper will in place can be essential in making sure that a person's wishes are carried out after he or she has passed away. Even if the assets that are to be distributed are relatively insignificant, it can become a serious weight for others to carry when they must try and figure out what to do finances, debts or properties if a person has not left a will.

This was the case recently for one woman who passed away without any leaving any documentation about what to do with her $1.5 million estate. The story started out across the world in Ireland but ended up right here in Massachusetts.

Widow of Johnson & Johnson heir passes away

On behalf of Albanese Law, LLC posted in Estate Administration and Probate on Thursday, April 4, 2013.

The legacy that people leave when they pass away is not simply limited to the money or properties they include in a will. However, a person's estate plan is often all that some family members and loved ones can try to understand after losing someone close to them. In some cases, the strain of some familial relationships leaves scars that are only exacerbated when a person dies.

In these situations, it is not uncommon for family members, spouses or loved ones to contest a person's will. This can administering an estate much more difficult, and can draw out the probate process considerably. Take, for example, the estate of J. Seward Johnson Sr., who was heir to the Johnson & Johnson fortune. After he passed away in 1983, a three-year battle over the terms of his will took place. His widow, Barbara Piasecka Johnson, was at the center of the argument.

The struggles that young people face with extreme wealth

On behalf of Albanese Law, LLC posted in Trusts on Thursday, March 28, 2013.

When people in Massachusetts are developing an estate plan that involves setting up a trust, they likely intend to do so in order to benefit their children, grandchildren and generations to come. They likely assume that the money they are setting aside for them in a trust will help them achieve financial stability and security. However, a growing trend among young people highlights a flaw in this line of thought.

Increasingly, young people who inherit large amounts of money through a trust fund are struggling with what it means to have that kind of wealth. Some of them feel anxiety over receiving high-value assets they do not believe they have earned or they feel guilty for having immediate financial security when others around them do not. This group of people, referred to as trust-fund progressives, is looking to make a change with the money they inherit instead of keeping it all for themselves.

Study: Most people have inadequate end-of-life care plans

On behalf of Albanese Law, LLC posted in Long Term Care Planning on Thursday, March 21, 2013.

We often discuss some difficult topics in this blog. People do not necessarily like to or want to think about what will happen to them and their estates after they are gone and many people avoid making appropriate plans. Some folks in Massachusetts decide that there is already enough to worry about with the stresses of a career, finances and a family so they put off unpleasant tasks, including long-term care planning. However, neglecting to deal with this issue can end up having a very serious impact on everyone around you.

A survey was recently conducted of 1,700 adults in regards to the importance of having end-of-life wishes put into writing. Despite an overwhelming majority of respondents, about 80 percent, who agree that having this type of plan in place is important, only about a quarter of them have actually taken steps to do so.

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