Executor Duties: Preparing Tax Returns for the Deceased

Photo Via Flickr User: 401K

They say that only two things in life are certain: Death and taxes. But what you may not know is that even the dead sometimes have to file tax returns and pay taxes. If you’re an executor of an estate, there are several types of tax returns you may have to deal with:

The personal income tax return (IRS form 1040, or some variation of this form) is just like the tax return you or I would file each year. If the deceased—had he or she survived—been required to file a tax return, then the executor must file a return on the deceased’s behalf. The Internal Revenue Service offers an interactive questionnaire to help you determine whether you have to file a deceased person’s tax return. Continue reading

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Funeral Friday | JFK Jr. & The Importance of Having an Alternative Beneficiary

As the son of a US president, John F. Kennedy Jr. grew up in the spotlight. Even as an adult he continued to generate media attention, and was once even named People magazine’s Sexiest Man Alive. As he grew older, Americans thought that perhaps he would be the one to break the so-called “Kennedy Curse” of tragedies that plagued his family.

But it wasn’t meant to be. On July 16, 1999, the small plane Kennedy was piloting crashed off the coast of Martha’s Vineyard, Mass., killing JFK Jr., his wife Carolyn Bessette and her sister Lauren. Kennedy was 38 years old. Continue reading

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Henry Fonda Disinherits Jane and Peter in His Will

In the 1981 movie On Golden Pond, actor Henry Fonda plays Norman Thayer, a curmudgeonly old man who’s somewhat estranged from his adult daughter Chelsea, played by Fonda’s actual daughter Jane Fonda.

Art often mirrors life, and Jane Fonda has said that her own father-daughter relationship bore more than a passing resemblance to Norman and Chelsea’s on-screen relationship. Jane’s mother committed suicide when Jane and her brother Peter where just children, and her father was famously cold toward his two oldest children. (Fonda went on to adopt a third child, Amy, with his third wife.)

Jane acquired the film rights to the On Golden Pond story with the intention of casting her father in the lead, and she’s said that creating the movie with him helped repair some of the problems in their relationship.

Unfortunately, that healing came late in Henry Fonda‘s life. He died in August 1982 of heart disease, less than a year after the movie’s screen debut. In addition to his three children, he was survived by his fifth wife Shirlee. Jane, Peter and Shirlee were all reportedly at his side when he died.

Henry Fonda’s Last Will & Testament

Henry Fonda’s last will and testament is relatively short—just about 1,000 words—and fairly straightforward. Most notable? The fact that he disinherits his children Jane and Peter. He writes in his will:

“I am providing primarily for my wife Shirlee and my daughter Amy because they are dependent upon me for their support.  I have made no provision in this Will for Jane or Peter, or for their families, solely because in my opinion they are financially independent, and my decision is not in any sense a measure of my deep affection for them.”

Could it be that the elder Fonda still had a distant relationship with his oldest children? It’s possible. The will was written in January 1981, while On Golden Pond was still probably in production. (It premiered in December 1981.) We’ll never know whether Fonda would have left his older children more of his estate had he lived longer.

As has been noted in past blogs, the term “disinherit” has negative connotations. But it really just means you’re not leaving someone any of your estate in your last will and testament. Peter and Jane Fonda were both very successful before their father’s will was written, so it’s entirely reasonable to believe they didn’t need their father’s money after he died.

But just in case Peter or Jane did take issue with their father’s will, Henry made an additional declaration in his last will, stating:

“Except as otherwise provided herein, I have intentionally and with full knowledge omitted to provide for my heirs, including any persons who may claim to be my issue.  If any beneficiary under this Will, or any legal heir of mine, or any person claiming under any of them, shall contest this Will or attack or seek to impair or invalidate this Will, or any part or provision hereof, or conspire with or voluntarily assist anyone attempting to do any of those things, in that event I specifically disinherit each such person and all legacies, bequests, devises and interests given under this Will to that person shall lapse and be forfeited, and shall be disposed of as if such person (together with anyone claiming through such person (together with anyone claiming through such person under nay anti-lapse law) had predeceased me without issue.”

Providing for Shirlee & Amy

Fonda’s entire estate went to his fifth wife Shirlee and daughter Amy.

Amy Fonda Fishman received a cash bequest of $200,000 from her father. Shirlee received all of his personal property—including clothing, cars, art and furniture—as well as the money that remained after his bequest to Amy was paid.

Had Shirlee not survived her husband by at least 90 days, Henry Fonda left instructions that his estate should go to the Omaha Community Playhouse in Nebraska, where Fonda’s acting career began.

Are Your Estate Plans Up to Date?

Every adult should have a will and other estate planning documents. The last will and testament allows you to:

  • Specify how your assets are divided after you die
  • Name a guardian for your minor children
  • Create a trust to ensure their financial stability
  • Select an executor to manage your estate’s affairs after your death

EZLaw gives consumers a simple, one-stop solution to creating legal documents such as a last will and testament, living will and power of attorney. What are you waiting for? Start or update your estate planning documents today!

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Valuing Whitney Houston’s Estate

Singer Whitney Houston was found dead at the Beverly Hilton Hotel on Saturday at the age of 48.

Beverly Hills, Calif., police have released just limited information about the circumstances surrounding Houston’s death. Autopsy and toxicology results are still pending, but the police have said she was found unconscious, submerged under water in a bathtub, and that there were no obvious signs of foul play. The singer had previously admitted to abusing drugs, including cocaine. Continue reading

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An EZ Guide to Understanding Life Insurance

For many Americans, life insurance is a critical part of estate planning. If you think your death would cause a financial hardship for others, you’ll want to consider life insurance.

An adult with no dependents may opt for a small policy—worth just a few thousand dollars—that can be used to pay for funeral expenses. On the other hand, a larger life insurance policy may be the best option for someone who’s has a spouse and children; in that case, the payout can help replace lost income after the primary breadwinner passes away. Continue reading

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Funeral Friday | Hawaii: Secret Night-time Funerals & Saved Bones

Hawaii is not only the newest member of the United States, but it’s arguably also the state with the most distinctly unique culture. Set about 2,000 miles from the mainland US, the state consists of a series of volcanic islands that were originally settled by the Polynesians in about 300 AD. Its first European contact only occurred in 1778 with the arrival of British explorer James Cook. Needless to say, Hawaii’s traditional funeral customs developed much differently than those in European countries.

Among the notable differences:

  • Funerals were typically held at night and surrounded by secrecy
  • Bones of important people were saved and bodies of commoners were tightly bound
  • Natural grave sites were common, including sand dunes and caves

Care of the Corpse

After a native Hawaiian died, there are several ways in which their body might be handled and prepared for burial. According to the Hawaiian publication Coffee Times:

“Bodies…were either laid extended straight out and wrapped in tapa, or else were in a flexed position. According to historian Malo, ‘A rope was attached to the joints of the legs then being passed about the neck, was drawn taut until the knees touched the chest. The body was then done up in a rounded shape and at once closely wrapped in tapa and made ready for burial.’ Other bodies were disemboweled and filled with salt in order to preserve them for a longer time before burial.”

Hawaiians thought that bones (known as the iwi) of a deceased person had great significance and power. When a king died, his skull and leg bones would be removed and preserved. A priest would set them afire while chanting and praying. Once the ceremony was complete, it was believed that the king would have become a god.

Secret Nighttime Funerals

One of the most notable things about Hawaiian funerals is that they occurred after dark, often without much ceremony.

English Missionary William Ellis spent time in Hawaii between 1822 and 1824. In his journals, he writes about secret burials that were held without much fanfare. He says:

“Their funerals take place in the night, to avoid observation; for we have been told, that if the people were to see a party carrying a dead body past their houses, they would abuse them, or even throw stones at them, for not taking it some other way, supposing the spirit would return to and fro to the former abode of the deceased by the path along which the body had been borne to the place of interment.”

In 1990, the US government passed the Native American Grave Protection and Repatriation Act, which protected burial sites. As part of that act, bones of Hawaiians that had been in museums and at universities were brought back to Hawaii to be buried. Even then, the group that arranged for the transport ensured that the bones only traveled at night and in secret.

Gravesites

Native Hawaiians preferred natural gravesites. For many, this meant sand dunes, coastal caves or even burial at sea.

According to Coffee Times:

“Archaeologists have surmised that bodies buried in sand dunes, such as have been found at Mokapu on Windward O’ahu, Keauhou on the Big Island and Kapalua on Maui, were primarily those of warriors engaged in battle, a theory that has come into question as the remains of females and small children have been uncovered in some of these same areas.

“Burial caves have been found on every Hawaiian Island. Unfortunately, by the time many of the caves were catalogued by authorities, they had already been discovered earlier and looted. Most chiefly families are believed to have had their own secret burial caves, the location of which was closely guarded by the kahu, or family retainer. Sometimes stone walls that looked like the surrounding cliffs were cleverly constructed to hide a cave entrance. At Ka’awaloa, Hawai’i, entrances to burial caves still can be spotted high on the cliffs of a bluff known as Pali Kapu o Keoua.”

Funerals Today

Today’s Hawaiian funerals have become much more westernized, but may still incorporate native traditions. For example, mourners will often wear brightly-colored aloha wear—you’re unlikely to see anyone dressed in black at a Hawaiian funeral. You’ll also see mourners leave a lei, or flower garland, for the deceased as a way to say goodbye.

The proximity to the ocean also has a strong influence on Hawaiians in death as it does in life. Many cemeteries offer ocean views, and it’s common for bodies to be cremated, with the remains scattered at sea.

Are Your Estate Plans Up to Date?

Every adult should have a will and other estate planning documents. The last will and testament allows you to:

  • Specify how your assets are divided after you die
  • Name a guardian for your minor children
  • Create a trust to ensure their financial stability
  • Select an executor to manage your estate’s affairs after your death

EZLaw gives consumers a simple, one-stop solution to creating legal documents such as a last will and testament, living will and power of attorney. What are you waiting for? Start or update your estate planning documents today!

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The EZLaw iPad Giveaway Part II – The Quest For 6000

WINNING!It’s back!  The EZLaw™ iPad Giveaway is back!  Check out our previous winner, @FoxyFirebird with her iPad2.

We’re launching another contest today.  The rules are simple.  Follow @EZLaw on Twitter, retweet our message, which must include the hashtag #EZLawPad, and a link to this post,  and you’re entered to win a 16GB Wi-Fi iPad2.  The contest ends when we hit 6000 followers on Twitter.  That could be today if enough of you enter.  It could be a month from now if you’re not sharing it!  Enter as many times as you like.  It can only increase your chances of winning.

Continue reading

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King Henry VIII Left Behind His Greatest Treasure to His Son – The Crown

Portrait of Henry VIII

Image via Wikipedia

The children of King Henry VIII fared only marginally better than most of his wives. But that’s not saying much.

Henry is best known for two things: His six wives (as well as several mistresses) and that he separated the Church of England from the Roman Catholic Church.

Wives, Mistresses & Children

Henry VIII’s marriage to his first wife, Catherine of Aragon, was annulled, though she had given him a daughter, Princess Mary. (Their other children all died as infants.) His second marriage was to Anne Boleyn—who was ultimately beheaded—produced a daughter, Elizabeth I. His third marriage was to Jane Seymour, who bore him a son (Prince Edward, later known as Edward VI) before she died. His fourth marriage was to Anne of Cleaves, and was annulled. His fifth marriage was to Catherine Howard (first cousin of Anne Boleyn), who was executed without having given him any children. His sixth wife was to Catherine Parr, who outlived him. Continue reading

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How To: Contest A Will

Law Will and TestamentLast week we talked about probate, which is the process of validating a last will and testament, and settling an estate after someone dies. As part of the probate process, people have the opportunity to contest, or challenge the validity, of the will. Today let’s look at what it means to contest a will. Continue reading

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Speculating The Details of #JoePa’s #EstatePlan

Penn State Nittany Lions head coach Joe Patern...

Image via Wikipedia

Former Penn State football coach Joe Paterno was buried today following a funeral attended by family, former players and other assistant coaches. Paterno died on Sunday of complications from lung cancer.

Sex Abuse Scandal

Paterno’s death came two months after he set a record for the most wins by any major football coach. He was fired shortly after his 409th win in the wake of the child sex-abuse scandal involving Jerry Sandusky, a former assistant coach. Just days later, the 85-year-old coach was diagnosed with lung cancer. Continue reading

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