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Trusts Archives

Paul Walker's estate points out advantages of trusts

The death of famous actor Paul Walker in November of last year was a tragedy that left fans of his movies devastated. While there are often many lessons that can be learned from tragedies such as this, an important but possibly overlooked lesson includes how the deceased person's estate is handled. It's safe to say that Walker had more assets than the average person in Colorado -- he was worth around $25 million including the real estate he owned, which was worth around $8.5 million. Nevertheless, the setup of Walker's estate may provide some insight and useful estate planning lessons to people with much fewer assets, especially with regards to trusts.

Decanting may make it easier to change an irrevocable trust

An irrevocable trust has long been known to be challenging to change, even if it is the trustee wanting to do the changing, but they are still used because of the tax advantage. Decanting a trust provides one solution by letting the trustee move the assets from the old trust to a new one and change some terms at the same time. It is called decanting because the person is "pouring" from one trust to another.

Court to decide future of Andy Warhol portrait of Farrah Fawcett

A portrait of the late actress Farrah Fawcett, painted by art legend Andy Warhol, has an uncertain fate. Fawcett's will decrees that all of her artwork is to be given to the University of Texas at Austin. However, Ryan O'Neal, her partner for 30 years, claims that Warhol gave the painting to him as a gift. The dispute has resulted in a court proceeding which will ultimately decide where the painting should end up.

Some options to help bolster your estate plan

One of the common questions that many Denver residents have when they are planning their estate is "what should I do about the inheritance I want to leave my children?" Inheritance can be a tricky endeavor because of the taxes and rules that apply to it; but there are ways for people to creatively and efficiently address the issues with their estate plan (and, subsequently, the inheritance they plan to leave).

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