Berman & Asbel, LLP

Estate Planning Archives

Just Because an Asset is Intangible Doesn't Mean it's Not Taxable

Readers may be aware of the fairly recent news involving the estate of singer Whitney Houston. According to reports citing court documents in the case, attorneys for the estate won a significant victory by reaching an agreement with the IRS to pay $2 million in taxes. The IRS had sought $11 million, alleging that the estate had undervalued the worth of certain Houston assets such as royalties, residuals and the value of her name. A term that applies to many of the items on that list is "intangible assets".

4 Problems That Can Be Avoided with an Accessible Will

Estate planning documents, such as wills, contain sensitive information and should be kept in a location that is secure, accessible, and logical. Someone will eventually need to access them. Often the attorney who writes the will or draws up the estate documents will hold the original or a copy of those documents for safekeeping and to make it easier for administering them when needed. The client will take home a copy or the original.

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