Recently in Probate Category

People that are 70 1/2 years or older have until Dec. 31 to make charitable donations of up to $100,000 directly from their I.R.A.'s, reports the New York Times.

Just as background, an I.R.A. is an account in which a person may deposit up to a stipulated amount each year and that is not taxable until retirement or early withdrawal.

So what do you stand to gain from giving a gift directly from an I.R.A. as opposed to taking the money out and then gifting? Well, the answer is that if you take money out of the I.R.A. you could end up in a higher-tax bracket because it looks like you have a higher income. By giving a gift directly from the I.R.A. (which is a sort of tax-free haven) you would be able to give gifts much larger than those you are otherwise able to give.

The Utah homeless man and missing heir, Max Melitzer, finally returned to New York to claim his inheritance. Over a year ago, Melitzer inherited about $100,000 from his brother. After a year of searching, he was finally found on a Salt Lake City park bench.

But even after Melitzer was found, there was some concern that he would disappear again. That's because Melitzer failed to return on his scheduled bus from Utah to New York, reports the Daily Mail.

As Melitzer reportedly suffered emotional problems, one could speculate that he would simply disappear again.

The estate of comic book artist Jack Kirby, who is recognized for superhero characters like Iron Man and Spider-man, served 45 notices of copyright termination to Marvel Entertainment to end the grant over his work. Marvel, however, filed a lawsuit in New York District Court against Kirby's estate, arguing that the comic book creations are not eligible for termination, according to ABC News.

Yes, even creative works like X-Men and The Incredible Hulk, which are also attributed to Jack Kirby, can be held as part of an estate. Intellectual or intangible properties such as trademarks and copyrights are extremely valuable assets for artists, like Kirby, and his heirs. A NY estate planning attorney can provide a detailed explanation on how intellectual property may be transferred with or without a will.

A Roth individual retirement account (IRA) may be the most beneficial retirement planning alternative for those in New York who are eligible for it. According to the PR Newswire, this type of account is tax-free for individuals who do not qualify for an employer match (401)k plan.

Roth IRA accounts may be more helpful to people who can potentially save more money for their retirement compared to the amount an employer could match. An individual's income determines whether he or she may be eligible for a Roth IRA. You contribute less money to the account when you earn more money. Because the income limitations change each year, an NY estate planning lawyer can help determine whether you are entitled to create a Roth IRA.

The lawsuit filed by the widow and heirs of former Buffalo Sabres owner Seymour H. Knox III against HSBC Bank USA N.A. resulted in a major probate court ruling in the state of New York. According to the Buffalo News, Surrogate Judge Barbara Howe found that the bank was "negligent and imprudent" in handling the family's trusts since the mid-1990s.

WIVB.com reported the Knox family had accused HSBC and Marine Midland Bank, its predecessor, for mishandling seven trusts, resulting in millions of dollars lost in potential investments and income. The Knox family had a major role in the history of the bank. Seymour H. Knox Sr. served as Marine Midland's chairman between 1913 and 1915, and Seymour H. Knox Jr. held the same position in 1942 to 1970.

The dispute over the estate of the late Anna Nicole Smith's husband has carried on for quite some time, and the Supreme Court has agreed to take another look at the case. The former model's separate estate has been fighting for years to obtain a share of her deceased spouse J. Howard Marshall's fortune. According to CNN, the justices allowed reevaluation on the probate case, and oral arguments will be held next year.

Texas oilman J. Howard Marshall was 89 when he married Smith, who was 26 at the time. The two were married for fourteen months before Marshall died in 1995. The billionaire oilman left almost all his assets and trust to E. Pierce Marshall, his son from a previous marriage, and left nothing to Anna Nicole Smith. She was not given a share of the estate in the will or separate trust.

In news that would catch the eye of any NY estate attorney, the Associated Press reports that U.S. District Judge Harold Baer Jr. has granted a motion to dismiss a lawsuit brought forth by concert promoter AllGood Entertainment Inc. The promoter sued Michael Jackson for $40 million on June 10, 2009 because of a failed reunion concert. The lawsuit claimed that Michael Jackson and his manager broke a contract for a Jackson reunion concert.

The company then filed a creditor's claim with the Michael Jackson estate which alleged that the potential value of the lawsuit could have been at least $300 million.

In yet another celebrity estate story that illustrates the importance of estate planning, we have more developments in the Michael Jackson estate. Savvy New Yorkers should call a NY estate attorney in order to ensure that their own estate does not turn into a family feud. It seems that the Michael Jackson estate is turning into a major feud between the estate executors and Michael Jackson's father Joe Jackson.

TMZ reports that Joe Jackson feels that the probate judge presiding over Michael Jackson's probate case has not treated him with "dignity and worth." Joe Jackson's attorney, Brian Oxman has filed papers with a California appeals court that states that the probate judge erred in his dismissal of Joe Jackson's objections to executors John Branca and John McClain. The probate judge had ruled that Joe Jackson did not have the standing to object to the appointment of the executors of the estate since he was intentionally excluded as a beneficiary in the estate.

One of the most legendary late night comedians was also a person with a generous heart. The Huffington Post reports that Johnny Carson's estate has given a posthumous donation to charity worth about $156 million. Johnny Carson, who passed away in 2005, ensured that the $156 million would be transferred from his estate to his foundation. The John W. Carson Foundation supports a variety of different nonprofit organizations. Some of the organizations that have benefitted from the donation are the Children's Hospital of Los Angeles, the Los Angeles Free Clinic and Planned Parenthood, and a variety of charities in Nebraska. Nebraska was the star's home state.

While the charitable donation was never announced publicly by Johnny Carson, The Smoking Gun managed to locate tax returns filed by the John W. Carson Foundation . The amount given to the Foundation was through $35.2 million in cash as well as an additional $121.2 million in securities and royalty rights.

The battle between Darla Lexington and the estate of John O'Quinn is getting bigger. Dallas News reports that the long time companion of John O'Quinn claims that the cars that the estate wants to auction off were gifts to her. Last week, we covered how Darla Lexington attempted to seek an injunction last Friday from auctioning off three classic Corvettes from his estate. That request for an injunction was denied by Judge Mike Wood in Harris County probate court.

This particular legal battle marks the first time that Darla Lexington has fought with the estate since the late famed lawyer passed away in a car crash in 2009. His will stated that he left the entirety of his estate to a foundation. He did not leave Darla Lexington anything in his estate. The will was dated from 2008. She testified that the estate refused to recognize the role she played in John O'Quinn's life: "They've treated me like I never knew John O'Quinn," she testified. She calls the late lawyer her "husband, partner and lover."