Category Archives for Asset Protection

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

The Perils of Promises…Marlon Brando’s Story

Legendary Oscar-winning actor Marlon Brando left the bulk of his estate (worth approximately $26 million) to his producer and other associates.

Brando created a valid last will and testament. However, he did not include his longtime housekeeper Angela Borlaza – who later sued alleging that Brando promised that she would inherit a home from him when he died.Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Escape From a Bad Trust: 5 Strong Reasons to Decant Your Trust

When a bottle of wine is decanted, it’s poured from one container into another. When a trust is decanted, trust assets are poured from an old trust into a new trust with more favorable terms.Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Tony Soprano’s Estate Planning Mistake and How You Can Avoid It

Actor and producer, James Gandolfini was famously known as the likeable mafia man Tony Soprano on the long running cable television series, The Sopranos. On the show, family meant everything. Well, sort of, anyway. In real life, Gandolfini’s family really did mean everything and he had the best intentions when it came to providing for them.Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Michael Jackson’s Estate Liable For $200M in Taxes Due to Unfunded Trust

Michael Jackson, the “King of Pop,” had always been a controversial superstar. Over the years, he became the father of three children, Prince Michael Jackson II, Paris-Michael Katherine Jackson, and Michael Joseph Jackson, Jr.

While Jackson created a trust to care for his children and other family and friends, he never actually funded it. The result? $200 million in estate taxes and years of court battles.Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

 Revocable Trust vs. Irrevocable Trust: Which Is Best for You?

Trusts  allow you to avoid probate, minimize taxes, provide organization, maintain control, and provide for yourself and your heirs. In its most simple terms, a trust is a book of instructions wherein you tell your people what to do, when.

While there are many types of trusts, the major distinction between trusts is whether they are revocable or irrevocable. Let’s take a look at both so you’ll have the information you need:Continue reading

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