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Notes From The Field
October 2024
818-369-7900 | 435-216-4444 | FieldLawPC.com
FAIRNESS OVER EQUALITY Smart Strategies for Splitting an Estate
2. Contributions to the Estate: Consider any contributions made by heirs in the upkeep or management of the estate. An heir who has spent years managing the family business or caring for the property might have provided significant value that warrants a larger share. 3. Emotional and Practical Considerations: Sometimes, sentimental value plays a big role. An heir who has a deep emotional connection to a particular asset, such as a family home, may be more invested in retaining it, which can justify a greater share of the estate. 4. Debt and Liabilities: Estates often come with debts or liabilities. Allocating assets fairly means considering how these financial responsibilities are distributed among heirs. An equal split may not adequately address the need to balance out liabilities. Strategies for a Fair Division 1. Open Communication: Start with a family meeting to discuss everyone’s needs, expectations, and concerns. Transparency can help avoid conflicts and ensure all voices are heard. 2. Professional Valuation: Engage an appraiser or financial advisor to get an accurate valuation of the estate. This helps in making informed decisions about how to distribute assets. 3. Consider Non-Monetary Contributions: Acknowledge and factor in the time, effort, or emotional support provided by any heir. This can be recognized through additional assets or compensation. 4. Personalize the Division: Tailor the division of assets to reflect individual needs. For example, if one heir needs financial support, they might receive a larger portion of the estate’s liquid assets. 5. Legal and Financial Advice: Consult with estate planners or legal professionals to ensure the division plan complies with legal requirements and effectively addresses all considerations. A fair estate division goes beyond simple arithmetic; it involves understanding and addressing the unique needs and contributions of each heir. By focusing on fairness rather than strict equality, you can create a more balanced and harmonious resolution that reflects the true spirit of the estate’s legacy. At Field Law, we specialize in helping families navigate the complexities of estate planning and division. If you’re facing the challenge of dividing an estate, our team of experts is here to guide you through a process that prioritizes fairness and clarity. Contact us today to learn more about how we can assist you.
When it comes to dividing an estate, many people default to an equal split among heirs. While this approach may seem fair on the surface, it doesn’t always account for individual needs, contributions, and circumstances. In fact, a fair division can sometimes require more nuanced considerations than simply dividing assets down the middle. Here’s a closer look at why a fair split can be more advantageous than an equal one and how to achieve it. Understanding Fairness vs. Equality Equality means giving everyone the same amount or value, while fairness involves adjusting the division based on various factors to ensure that each heir’s share is just and appropriate. Fairness recognizes that each heir may have different needs, contributions, or circumstances that warrant a different approach to dividing assets. Why Fairness Matters 1. Individual Needs and Circumstances: Not all heirs have the same financial situation. For example, one heir might already have significant assets and may not need an equal
share, while another might be in a more precarious financial situation and could benefit from a larger share.
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BRAIN GAMES
SOLUTION
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In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival theme parks — Steeplechase Park, Luna Park, and Dreamland — engaged in fierce, cutthroat competition that dramatically reshaped this iconic destination. A Tawdry Reputation Transformed Coney Island’s reputation was once far from wholesome. Known as “Sodom by the Sea,” it was considered a tawdry, vice-filled destination. That began to change in 1897 when Steeplechase Park opened. Its founder, George Tilyou, sought to bring clean fun to the masses, creating a lighthearted atmosphere exemplified by his iconic “Funny Face” caricature. Stealing Ideas and Underhanded Tactics Tilyou’s success soon drew the attention of rival park operators. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common, as the parks constantly copied each other’s rides and acts to one-up the competition. Rapid Innovation Drives Change This competitive spirit drove rapid innovation at Coney Island. Over just a few years, the parks introduced groundbreaking new attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to immersive, technologically advanced experiences. The Birth of the Modern Amusement Park The era of Coney Island’s dueling theme parks was short-lived, lasting only from 1904 to 1911, but its impact can still be felt today. The parks’ relentless one-upmanship drove the rapid evolution of the amusement park industry, laying the foundation for the iconic destination Coney Island has become. What began as a vulgar locale became a glittering symbol of American ingenuity and the pursuit of wholesome fun. While the tactics of these rival parks may have been underhanded, the lasting legacy of their fierce competition is undeniable. The rapid innovations, technological advancements, and shifts in public perception from this crucible of competition continue to shape the amusement park experience today. The Rivalry That Redefined Entertainment Coney Island’s Cutthroat Carnival
TAKE A BREAK
AUTUMN BOO CANDY COFFEE FOLIAGE
GHOST GOURD MOON SPOOKY SOUP TAILGATE TOUCHDOWN
PUMPKIN PIE FRENCH TOAST
Inspired by AllRecipes.com
Ingredients
• 1 1/2 tsp vegetable oil, or as needed • 1/2 cup half-and-half • 1/4 cup canned pumpkin purée • 3 large eggs • 1 tsp ground cinnamon
• 1 tsp vanilla extract • 1/4 tsp pumpkin pie spice • 1/4 cup finely chopped walnuts
• 8 slices day-old bread • Maple syrup, to taste
Directions 1. Lightly oil a skillet and heat over medium heat.
2. Whisk half-and-half, pumpkin purée, eggs, cinnamon, vanilla, and pumpkin pie spice together in a bowl. Stir in walnuts until evenly distributed. 3. Place 1 slice of bread in the bowl and let it soak briefly to coat both sides. Lift bread to let excess liquid drip back into the bowl, then transfer to the hot skillet. 4. Cook for 2–3 minutes or until golden brown, then flip and cook the other side until done. 5. Stir batter to redistribute walnuts and repeat with other slices of bread, cooking in several batches if necessary. 6. Serve warm with maple syrup.
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P.O. Box 8306 La Crescenta, CA 91224 INSIDE THIS ISSUE
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Fairness Over Equality in Splitting an Estate
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Pumpkin Pie French Toast
The Cutthroat Competition Behind Coney Island
The Legal Drama Behind Larry King’s Handwritten Will
Lessons Learned From Larry King’s Handwritten Will
When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly around the will’s credibility and the testator’s intentions.
In Larry King’s case, his handwritten will excluded his wife, leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement. This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family.
Photo: Peabody Awards
Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
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