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Celebrity attorney Precious Anderson knows her clients want quick, painless solutions for their small to mid-sized business problems. The Anderson Firm can assist you with business, entertainment, family, estate planning, or personal matters.

In this blog post, we discuss whether or not you need a will or trust for your estate plan. We also highlight if you can (and should) file for divorce by yourself.
 

Why Do I Need a Living Trust Or Will?

Living trusts and wills share a few characteristics, but they are two distinct estate planning tools. Many individuals have preconceived notions that trusts are only for the rich and famous, but every single person needs a will.

The Anderson Law Firm blog lays out the key differences between these estate planning documents so you might come away with a better understanding of each.
 
Similarities Between a Will and a Trust

Both wills and trusts can distribute assets of the estate planner. The creator of a will is known as a testator, while a trust's creator is referred to as a grantor. Read more
 
What a Will Can Do that a Trust Cannot Do:

If you have minor children, you are able to name a guardian for your kids in the event something happens to both parents. Read more
 
What a Trust Can Do that a Will Cannot Do:

Assets in a living trust do not have to pass through probate court after the grantor becomes incapacitated or passes away. Read more
 
Conclusion

While the benefits of both wills and living trusts are numerous, there is plenty we did not cover in this blog. For example, many estate planners choose to use both wills and living trusts in tandem to meet their goals. You need to consult with an experienced and knowledgeable attorney to determine which estate planning documents you need.

The Anderson Firm is committed to our clients and goes the extra mile to understand their situations in order to provide premium legal services. Reach out to us soon to book your consultation.

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Lil Wayne Birdman

Years of wild spending has apparently caught up with Cash Money Records owners Lil Wayne, left, Bryan "Birdman" Williams, right, and Ronald "Slim" Williams (not pictured).

According to a report on gossip tabloid TMZ's website, Cash Money Records' unpaid bills are stacking up and creditors are filing lawsuit after lawsuit against the brothers. It looks like the cash machine is running out of unlimited funds.

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Michael Jordan is Officially a Billionaire

NBA legend Michael Jordan is officially a member of the billionaire boys club. The 51-year-old former Chicago Bulls star just added hundreds of millions of dollars to his personal wealth by increasing his ownership in the Charlotte Hornets from 80% to 89.5%. Before expanding his portfolio Jordan had a net worth of $750 million.

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Paris and Prince Jackson

The late Michael Jackson's three children are already wealthy beyond their wildest dreams. But a recent cost of living adjustment has increased their yearly allowance from a modest $6 million to over $8 million annually. Family friends say the kids are taking full advantage of the boost in their allowance.

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ca5b3eb85bed11e3bcfd1285f1ed1790_8

Someone in Los Angeles is going around leaving hundreds, and sometimes thousands of dollars in tips for servers in local bars and restaurants. The servers, waiters and waitresses who are sometimes stiffed on their tips are very grateful for the kindhearted gestures of the anonymous tipster. The person, or persons, who left tips worth $200 to $10,000 for servers, created an Instagram page where servers can upload their receipts called Tipsforjesus. The motto on the @TipsforJesus Instagram page is: "Doing the Lord's work, one tip at a time."

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New Benjamins

In an effort to stay one step ahead of organized, well-financed counterfeiters, the Federal Reserve is issuing crisp new $100 bills on Tuesday.

The new $100 bill, which was announced on April 21, 2010, will be released despite the government shutdown (nothing but an act of God stops the U.S. from printing money).

The new C-notes feature updated anti-counterfeit measures including raised printing, microprinting, and color shifting images. Benjamin Franklin's image is off-center and there are numerous references to the Constitution printed on the bills.

An earlier release date was scrapped when a printing error sent 30 million notes to the incinerator.

The old $100 bills will be gradually removed from circulation by banks and the Federal Reserve.

Floyd Mayweather cash

Champion boxer Floyd Mayweather has everything money can buy. Too bad his money can't buy him common sense or self-esteem, because then he would truly be prosperous.

Mayweather's millions keeps him relatively comfortable -- and he makes sure to always have at least a million in cold cash on hand. As for the rest of his money, according to ESPN The Magazine, the narcissistic pugilist keeps $123 million in a single bank account.

By the way, the FDIC covers bank deposits up to $250,000. So if Floyd's bank ever goes under, the majority of his cash will go down with it.

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Rick Ross sued by jeweler

Last year the timepiece of choice for the hip hop set was Audemars Piguet (because rappers like Jay Z favor the brand). This year, the timepiece of choice seems to be the legendary Rolex. So much so that jewelers can't keep the pricey watches in stock.

Rapper Rick Ross has always had a taste for finer things since the days when he punched a clock as a corrections officer in Florida. But a jeweler is suing Ross for absconding with about $90,000 worth of Rolexes that he didn't pay for. Read on.

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