Dog inherits mansion and trust fund

Posted on June 18th, 2010 No Comments

When Miami heiress Gail Posner, daughter of late corporate takeover artist Victor Posner, died at age 67 last March, she had a lot to leave behind. Among her many lavish possessions is an exquisite $8.3 million Miami Beach mansion, which she left to Conchita Posner, her pampered chihuahua. The dog was granted the property in Gail’s will along with a $3 million trust to ensure her comfort.

The pup was not the only one of Gail’s housemates to benefit from the hefty will. Seven of Gail’s bodyguards, housekeepers and other personal assistants received a total of $27 million and some were even granted permission to continue to live in the seven-bedroom mansion, rent free.

In an attempt to revoke the will, Gail’s only living child, Bret Carr has filed a lawsuit against some of his mother’s former staff members, insinuating a dark intrigue. He claims that household assistants drugged his sick mother in 2008 and forced her to change her will to include them. Carr was bequeathed $1 million in his mother’s will.

Your will should be clear, with no questions about who is supposed to inherit what. So trust the professional Houston wills and trusts attorneys of Garg & Associates, P.C. Contact a professional attorney by calling 281-362-2865.

Estate taxes expected to rise next year

Posted on June 16th, 2010 No Comments

The 2010 federal estate tax disappearance has caused a lot of confusion amongst the wealthy. Even those who could benefit from this year-long tax drop are frustrated and many have changed documents that they will probably have to change back in 2011. Next year, the tax is set to return at a higher rate than in 2009.

This tax hiatus essentially means that heirs of wealthy people who die this year will owe no taxes. In 2009, if you were the heir of a wealthy person, you were legally obligated to pay a 45 percent tax to the Treasury. This year, you are not obligated to pay any money in taxes. However, next year, heirs will have to pay a whopping 55 percent of their estate in taxes.

If you or someone you know needs assistance with the complicated issues behind estate planning, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865.

Avoiding estate taxes

Posted on June 10th, 2010 No Comments

A special law was passed that states that those who die in 2010 are legally exempt from owing federal estate taxes.  A study done by Columbia University showed that people who believe that postponing their own death will benefit their heirs, often will themselves to survive until the beneficial occasion presents itself.  Thanks to exceptions, credits and thresholds, in years other than 2010,  only .3 percent of those who left their estates to their heirs also passed along a tax bill.

Some organizations may be damaged from this estate tax-free year including charities and some non-profit organizations.  Giving to charities is often a good way to reduce tax liability when estate planning.  If there are no taxes to avoid this year, then the organizations that usually received donations from these people will see a decline in funds.

If you are considering planning your estate, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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