Chief Justice Warren Burger's Do-It-Yourself Will...costs his estate $450,000+

You would think that the Chief Justice of the US Supreme Court would know how to prepare his own Will. Sadly, though, Chief Justice Warren Burger's self-prepared 1 page Will resulted in unnecessary probate expenses, and likely cost his heirs over $450,000 in avoidable taxes.

According to the Associated Press article in the November 1, 1995 edition of the Marin Independent Journal, Justice Burger's Will, that he prepared on his computer,  was replete with misspellings, and lacked a number of ordinary provisions that resulted in needless probate expenses. Additionally, he failed to protect his heirs from estate taxes that were estimated to be in excess of $450,000.

Although he zealously guarded his privacy during his lifetime, Justice Burger's Will and probate record are available for public viewing at the Arlington County Courthouse.

All of this could likely have been avoided if Justice Burger had spent about $2,000 for  an appropriate estate plan by an experienced estate planning attorney.

If Justice Burger wasn't able to prepare his own estate plan, should you really be preparing your own?

Transferring Watercraft Title without Probate

After a family member dies you might wonder what you need to do to gain title to his or her boat or other watercraft. Well, it’s really quite similar to the process involved in transferring the title of vehicles. If there are no probate proceedings taking place there are a few simple steps that need to be taken to transfer the title of the watercraft.

Again, as long as there are no probate proceedings, and the combined value of all watercraft does not exceed $100,000, a surviving spouse, or next of kin needs only to submit to the Secretary of State a few things: 1.) an affidavit of kinship; 2.) the certificate of title for the watercraft; and, 3.) the death certificate of the decedent.

Re-Designed Website

Please visit our re-designed website: www.doylelawpc.com

117 Days and Counting

Only 117 days left until the Federal Estate Tax is scheduled to return on January 1, 2010. The unified credit exemption amount for estates and gifts will again be $1 million total, with a top tax rate of 55%.

Given that the top tax rate for taxable gifts in 2010 is 35%, making taxable gifts in 2010 might make sense if congress does not act by year's end. However, you should check with your attorney or tax adviser before taking any action.

Latest on Federal Estate Tax.....

Bloomberg's Businessweek reports that the spending blueprint approved yesterday by the Senate Budget Committee assumes that the estate tax will be set at last year’s levels ($3.5 million exemption), with a $7 million exemption for couples, indexed for inflation, and a top rate of 45 percent. The Democrats were forced to allow the estate tax to lapse this year after they were unable to produce the 60 votes needed to extend it.

New Fax #

Notice: the fax number for Doyle Law PC has been changed to: 517-803-4396 effective immediately.

Estate Tax Reform In the Works?

Boomberg Business Week reports that, per Sander Levin, The House Ways and Means Committee will begin work next month to retroactively reinstate the 2009 Federal Estate Tax law which applied a 45 percent tax rate on the value of estates that exceeded $3.5 million per individual.

The lapse of the law, and the complicated capital gains tax that replaced, is was making it hard for families to plan their estates. One possibility being considered would let heirs choose to pay the capital gains tax that replaced the estate tax if that is more beneficial.