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 281-210-0010.

Benihana’s founder’s will disputed

Posted on May 27th, 2010 No Comments

A tangled estate dispute between the wife and children of the late Rocky Aoki, best-known for his founding of Benihana Inc., is working its way through the court systems.

New York State Surrogate’s Court recently ruled that Keiko Aoki, Rocky’s third wife and widow, was entitled to pursue her attempts to seize control of a trust currently being controlled by Rocky’s children.

The dispute is over whether or not Rocky was aware of what he was doing in 2002, when his lawyer and children convinced him to sign documents that forbid him from leaving any part of his estate to anyone but his descendants.

The judge who ruled in Keiko’s favor believed there to be clear evidence that there was an “impermissible conflict of interest” in the lawyer acting as adviser to both Rocky and Rocky’s children.

One of the key pieces of evidence for this conclusion was a memo the lawyer wrote to himself in 2003, which the court was able to obtain. “Undoubtedly, the fur will fly when [Rocky's new lawyer Joseph] Manson and his clients, Keiko and Rocky, discover the existence of the executed partial release,” he wrote, referring to the documents that would forbid Rocky from ever leaving the assets to anyone but a descendant. Rocky died in 2008.

If you are looking for an experienced estate attorney who can help you put your affairs in order and possibly avoid this kind of conflict, contact the Houston contested will attorneys of Garg & Associates, P.C., at 281-210-0010.

British will-makers fail to contact inheritors

Posted on May 14th, 2010 No Comments

According to police, the Lincoln firm Willmakers Of Distinction failed to contact two of three beneficiaries in a client’s will. Money left by a 96 year-old Birmingham man, totaling roughly 120,000 British pounds, was meant to split between his last living U.K. relative, a friend, and a neighbor. However, the executors of the state never distributed the money to either his friend or neighbor, and never informed them that they were included in his will.

In the court proceedings, it was revealed that this was not an isolated incident. A Chapel St. Leonards widow failed to receive her 3000 pounds that was left behind from her husband’s death in 2004. Instead, she was left responsible for the 2000 pounds it cost for his funeral.

Two employees from Willmakers Of Distinction have admitted guilt, while one continues to deny allegations of theft.

Although this case seems distantly in England, the reality of entrusting a will-maker with your estate is universal. Contact the Houston personal estate lawyers of Garg & Associates, P.C., at 281-210-0010.  Put the future of your property in the right hands with the help of an experienced attorney today.

Man caught impersonating mother

Posted on April 28th, 2010 No Comments

A Washington County man was arrested this week for faking his mother’s signature on fraudulent inheritance documents in an effort to cut his siblings out of her will.

State police in Fort Edward report that the 59-year-old man forged his mother’s signature on a deed to her house as well as on two fake copies of her Last Will & Testament.

Police were able to uncover the fraud following complaints from the man’s siblings and the fact that the documents were improperly notarized.

The man was charged with Grand Larceny, Criminal Possession of a Forged Instrument, and Offering a False Instrument for Filing. Further charges are pending.

Luckily police were able to catch this cheat before he managed to successfully change his mother’s will. If you are looking for a professional estate lawyer who can ensure that your will is legally sound and properly notarized, and to avoid any sort of debacle like this, contact the Houston personal estate lawyers of Garg & Associates, P.C., at 281-210-0010.

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