Estate Sale Agent Concerns

Estates sales can be an excellent way to get rid of personal possessions either as part of the estate administration process or for an elderly person preparing to move into a nursing home. Be careful when picking an agent to handle the sale.

Estate sales are increasingly popular as older Americans seek to get rid of a lifetime's worth of personal possessions they no longer need. This is especially the case as they prepare to move into smaller residences or nursing homes.

They are also popular with estate administrators who need to dispose of a deceased person's personal property and who do not have time to sell it all themselves. However, as estate sales have grown in popularity, more problems with estate sales agents are being reported.

This issue was picked up by the New York Times in "It Pays to Be Wary When Hiring an Estate Sales Agent."

Some people have reported that the estate sales agents they have hired have paid much later than expected, paid them less than promised and even bounced checks. To avoid having these problems with the estate sales agent you hire it pays to do your homework on the agent.

Do not just pick the cheapest agent you talk to. Ask around and speak to other people who have had estate sales about their experiences with agents. You want to make sure that you hire someone with a track record of expertise and fair dealing.

It is also important that you have a signed contract with the agent and that you get a copy of the contract for yourself. You might also consider speaking to an estate attorney and asking if the attorney knows reputable agents in the area. For more information, please contact our office at 800-220-4205, or visit our website at www.OCElderLaw.com.  We have Estate Planning Attorneys in Orange County, Long Beach, Corona, Palm Springs and Palm Desert.

Reference: New York Times (Sept. 23, 2016) "It Pays to Be Wary When Hiring an Estate Sales Agent."

Wyly Estate in More Legal Trouble

The SEC is seeking contempt charges against the executor of Charles Wyly's estate for failing to pay a multimillion dollar fine.

Charles Wyly and his brother Sam were well-known and wealthy Texas businessmen with billions in assets. The Securities and Exchange Commission alleges many of the assets were gainedfraudulently.

Before a court could render a judgment Charles Wyly passed away and the case became the responsibility of his estate and its executor, Wyly's son-in-law Donald Miller. 

In February of 2015, the estate was ordered to pay a fine of $101.2 million. That judgment is still under appeal, but that has not stopped the SEC from demanding payment, which the estate has failed to pay. 

In its latest move the SEC has asked that the estate be held in contempt of court for not paying up, according to Private Wealth in "SEC Eyes Contempt for Wyly Estate's Failure To Pay $101M."

It appears the estate may have made a basic mistake. 

While it appealed the judgment, the estate did not request a stay of the judgment pending that appeal. That means the estate has to pay the fine even though a court could eventually decide to overturn the judgment.

This should serve as a reminder to executors everywhere that they need to be very careful how they go about the business of handling the estate. It is important to make sure everything is done properly, especially when the estate is involved in litigation against the government.

If you need help navigating these postmortem issues, request a consultation with an estate planning attorney in Orange County, Corona or Long Beach can help you navigate these postmortem issues.

Reference: Private Wealth (Sept. 7, 2016) "SEC Eyes Contempt for Wyly Estate's Failure To Pay $101M."

Retirement Planning and Your Estate

Even if you do not consider yourself to be wealthy it is important to keep your estate plan in mind when retirement planning.

It can be tempting to think of different types of life planning in isolation. People do not necessarily start planning for how they want to live in retirement when they decide what courses to take in college and what type of career they would like to have.

Similarly, many people do not think about their estate planning when they are planning for their retirements. Estate planning is often left for much later.

However, this can be a mistake as Life Health Pro explains in "Bequest goals: more than just an issue for the wealthy."

The primary reason for this is that if you would like someone else to have a given asset after you pass away, then you need to make it so your retirement plan preserves that asset and that you do not have to use it. For example, if you would like to leave your home to your children, then your retirement plan needs to be sufficient enough for you not to have to sell the home to have funds to live on when you are no longer working.

This is true whether you have a large mansion or a more modest house.

What this means is that you should not think of life as entirely separate stages when you do your planning. Think about what type of estate you want to leave behind when you plan for your retirement and act accordingly.

To have your specific issues addressed, please call one of our California estate planning attorneys at 800-220-4205, or visit our website at www.OCElderLaw.com for more information. We have offices in Orange County, Corona, Long Beach, Palm Springs and Palm Desert, or we can visit you in the privacy of your own home.

Reference: Life Health Pro (Aug. 9, 2016) "Bequest goals: more than just an issue for the wealthy."