Probate & Estate Planning

Tuesday, December 6, 2022

Tom Brady worries wealth will keep his kids from growing up grounded: ‘Guys, this is not … reality’

NFL quarterback, Tom Brady, who grew up in a middle class family, has raised concerns over his children being raised with extreme wealth. Brady, who recently divorced his wife of 13 years, Gisele Bündchen, shared a $26 million property portfolio among other lucrative assets.
Brady opened up on an episode of the “Drive with Jim Farley” podcast about how he hopes to keep his children grounded and teach them the value of hard work despite their family’s wealth.
Continue Reading Tom Brady worries wealth will keep his kids from growing up grounded: ‘Guys, this is not … reality’

How Filing for Bankruptcy Can Affect Your Beneficiaries in Illinois
Are you accumulating more debts than you can pay? Bankruptcy is an effective way to re-strategize your finances and get creditors off your back. It offers individuals and businesses relief from some or all debts, depending on the type of Bankruptcy. The automatic stay stops creditors from harassing you through letters and phone calls, eliminates unsecured debts, and halts foreclosure and repossessions.
Declaring Bankruptcy can be stressful, considering its negative impact on certain aspects of your life and that of your beneficiaries. An experienced bankruptcy attorney can help you determine
Continue Reading How Filing for Bankruptcy Can Affect Your Beneficiaries in Illinois

Data analysis software has soared to new heights in the insurance sector, in combination with Artificial Intelligence, which has enabled a new accuracy of predictions about things like weather, natural disasters, and likelihood of senile dementia.
Mikio Okumura, the president of Sompo Holdings, discussed how data analysis has become increasingly accurate in a way that previously “only God knew about.”  Sompo Holdings is currently working on Japan’s first dementia prevention insurance package, which is able to analyze the heartbeats, appetite, and sleeping patterns of nursing home residents. 
Japan has the world’s fastest-aging society and one of the highest life expectancies,
Continue Reading AI is giving insurers godlike powers, says Sompo chief

Last month, Chris Hemsworth announced that he would be taking a break from his acting career to focus on his health. He publicly announced that after undergoing genetic testing he found out he has copies of the APOE4 gene, which is associated with Alzheimer’s disease. Hemsworth told reporters that although he isn’t experiencing symptoms at this time, he is focused on mitigating his risks for developing the disease.
APOE is a gene that helps carry cholesterol through the bloodstream. Everyone has two versions of the gene, but different variants can point to different outcomes. The APOE2 variant shows a decreased
Continue Reading How to Know if You Have a Genetic Risk for Alzheimer’s

Saturday, December 3, 2022

It’s Not That SIMPLE—Selecting an Employer-Sponsored Retirement Plan

Bruce A. Tannahill recently authored the article, It’s Not That SIMPLE— Selecting an Employer Sponsored Retirement Plan, ABA Probate & Property, November/December 2022. Provided below is the introduction to the paper:
The “Great Resignation” that resulted from the COVID-19 pandemic has increased the focus on employer-sponsored retirement plans. These plans offer benefits for both employers and employees. Robert Half’s 2022 Salary Guide lists retirement savings plans as both the third most-wanted employee benefit and the third most-offered benefit.
It’s easy to understand why retirement plans are attractive
Continue Reading It’s Not That SIMPLE—Selecting an Employer-Sponsored Retirement Plan

Friday, December 2, 2022

A Chicago Man Quietly Left Behind $11 Million — The Largest Unclaimed Estate In American History

A Chicago man passed away without a will, leaving behind the largest unclaimed estate in United States history. Investigators spent years pulling records to compile a family tree of possible heirs to distribute the $11 million estate. They found 119 distant cousins, none of whom knew Joseph Stancak.
The distant relatives live all over the world, between Poland, Slovakia, Czech Republic, Germany, the United Kingdom, Canada, and the United States. After compiling the results, attorneys are left with a scroll
Continue Reading A Chicago Man Quietly Left Behind $11 Million — The Largest Unclaimed Estate In American History

Thursday, December 1, 2022

MacKenzie Scott just became America’s 4th-most-generous philanthropist, vaulting ahead of Mike Bloomberg

MacKenzie Scott has become the world’s fourth-most-generous living philanthropist as her lifetime giving as reached about $14 billion. She has surpassed Michael Bloomberg’s $12.7 billion of lifetime giving.
Scott acknowledged in her 2019 Giving Pledge Letter, “In addition to whatever assets life has nurtured in me, I have a disproportionate amount of money to share. My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won’t wait. And I will keep at it until the
Continue Reading MacKenzie Scott just became America’s 4th-most-generous philanthropist, vaulting ahead of Mike Bloomberg

Wednesday, November 30, 2022

New data shows Alzheimer’s drug can slow cognitive decline

A phase III clinical trial that published results earlier this week in the New England Journal of Medicine shows promising data that Alzheimer’s drug, Lecanemab by Eisai and Biogen Inc, can slow cognitive decline. 
“Lecanemab reduced markers of amyloid in early Alzheimer’s disease and resulted in less decline than placebo on all measures of cognition and function at 18 months,” said Dr. Christopher Van Dyck, director of the Yale Alzheimer’s Disease Research Center, during his presentation of trial efficacy results at the Clinical Trials on Alzheimer’s Disease
Continue Reading New data shows Alzheimer’s drug can slow cognitive decline

Tuesday, November 29, 2022

Gabby Petito’s family just won $3 million in a wrongful death suit against Brian Laundrie’s estate — but they’re not going to get anywhere near that number

A Florida judge has ruled for Gabby Petito’s parents in the amount of $3 million in the wrongful death suit brought against Brian Laundrie’s estate. Petito and her fiancé, Laundrie, documented their travels across the United States in Petito’s van for social media. The pair became well known after Petito’s disappearance, which sparked national news coverage last summer.
Petito disappeared in late August 2021 and Laundrie raised suspicion when he
Continue Reading Gabby Petito’s family just won $3 million in a wrongful death suit against Brian Laundrie’s estate — but they’re not going to get anywhere near that number

 
When it comes to divorce, you can always count on some sort of conflict. If your divorce has been contested (meaning you and your spouse disagree over important issues, such as custody of your children or how to split property), you can also count on the divorce process taking longer and costing more than it would if the divorce was amicable.
However, there are some legal processes that must take place during a contested divorce in order to ensure the process runs smoothly, fairly, and legally. These legal processes can include the following, among others.
How Long Will It
Continue Reading Contested Divorce: What to Expect in Illinois

The Tax Program at Northwestern Pritzker School of Law has invited six leading academics from across the country to participate in the Spring 2023 Advanced Topics in Taxation Colloquium. This year’s colloquium is organized by Professor Gregg Polsky. All sessions take place on Wednesdays from 1:30 – 3:30pm.

Special thanks to Philip F. Postlewaite (Harry R. Borrow Professor of International Law, Director, Tax Program, Northwestern Pritzker School of Law) for bringing this series to my attention. 

https://lawprofessors.typepad.com/trusts_estates_prof/2022/11/advanced-topics-in-taxation-colloquium-northwestern-pritzker-school-of-law.html
Continue Reading Advanced Topics in Taxation Colloquium: Northwestern Pritzker School of Law

Sunday, November 27, 2022

Speechifying and Scribbling—A Candid Discussion about the “Why” and “How” of Integrating Public Speaking and Presentations into Your Trusts and Estates Career

Stephen R. Akers (Bessemer Trust), Dana G. Fitzsimons, Jr. (Bessemer Trust), Terrence Franklin (Sacks, Glazier, Franklin & Lodise, LLP), Carol A. Harrington (McDermott Will & Emery), and Paul S. Lee (The Northern Trust Company) recently participated in “Speechifying and Scribbling— a Candid Discussion about the “Why” and “How” of Integrating Public Speaking and Presentations into Your Trusts and Estates Career” where they discussed the strategic use of speaking as a tool for
Continue Reading Speechifying and Scribbling—A Candid Discussion about the “Why” and “How” of Integrating Public Speaking and Presentations into Your Trusts and Estates Career

Saturday, November 26, 2022

Article: Technology—Probate: NFT Scams—Buyer Beware

Ross E. Bruch (Brown Brothers Harriman & Co.) recently published an article entitled, Technology— Probate: NFT Scams— Buyer Beware, ABA Probate & Property, November/December 2022. Provided below is an introduction to the article:
The year 2022 has been a rough year for digital assets. First, after reaching all-time highs in late 2021, Bitcoin, Ethereum, and many other popular cryptocurrencies lost more than 70 percent of their market value earlier this year, erasing trillions of investment dollars. Second, multiple crypto exchanges either declared bankruptcy or limited withdrawals from their
Continue Reading Article: Technology—Probate: NFT Scams—Buyer Beware

Friday, November 25, 2022

Article: Honoring the Intentions of a Loved One—The Importance of Advance Directives

Lindsey E. Wilkinson (Fox Rothschild LLP) recently published an article entitled, Honoring the Intentions of a Loved One— The Importance of Advanced Directives, ABA Probate & Property, November/December 2022. Provided below is an introduction to the article:
Trusts and estates practitioners routinely draft wills, living wills, and financial powers of attorney for their clients. My understanding of the importance of a living will was recently reinforced when I had to advise a family member to search for his wife’s advance directive. My aunt
Continue Reading Article: Honoring the Intentions of a Loved One—The Importance of Advance Directives

Thursday, November 24, 2022

Jennifer Aniston Buys Oprah Winfrey’s Montecito Farmhouse for $14.8 Million

Oprah Winfrey recently sold her Mediterranean-style Montecito mansion, referred to as “Tuscan Farmhouse,” to Jennifer Aniston for $14.8 million. When Winfrey bought the one-acre estate it included the main mediterranean style house and two cottages. The famous talk show host split the property and sold the main house to Aniston in one transaction and the two cottages to her personal trainer and property manager, Bob Greene, for $2.3 million in a separate transaction.
Winfrey purchased the property for $10.5 million last year and was able to
Continue Reading Jennifer Aniston Buys Oprah Winfrey’s Montecito Farmhouse for $14.8 Million

Wednesday, November 23, 2022

A former lawyer for scammer Anna Sorokin was disbarred for taking $600,000 from an elderly client

Attorney Audrey A. Thomas, who formerly represented notorious scammer, Anna Sorokin (AKA Anna Delvey) was disbarred earlier this month. The state of New York found that Thomas was running a scam of her own.
Thomas began misappropriating funds in 2013 after being hired by Rhea Murray to help sell an apartment in Brooklyn. Thomas had access to the accounts that held the money from the sale. Bank records show that Thomas siphoned more than $630,000 in funds to different bank
Continue Reading A former lawyer for scammer Anna Sorokin was disbarred for taking $600,000 from an elderly client