The New Estate Planning
by John McDermott
In the old days “estate planning” simply meant making a will.New needs have sparked new thinking.
Andy Ames just did some planning:He placed his securities in a living trust.If anything happens to him, his trust will grow to include the proceeds of his life insurance.The enlarged trust fund then would be invested and managed as a unified source of income for Andy’s wife and children.
Barbara Bates desires estate planning privacy.Also, there are certain relatives for whom she is not providing, so she wants to minimize the risk of challenges from disgruntled heirs.She too has built her estate plan around a Revocable Living Trust. More…
All You Need Is Love
(And A Business Assets
by Ronald P. Weiss and Ellen M. Randle
To a young couple engaged, their marriage will be a relationship of love and trust.With age and experience we learn that marriage is also very much an economic arrangement, involving the immediate, and often the extended families of the couple.We also learn that many marriages are not stable and end in divorce, and that any marriage can end with an unexpected early death.As much as you may like your child’s fiance, you are probably a little nervous about what may happen if your child owns an interest in your business and your child’s marriage doesn’t work out or your child dies.
As a business owner, it is natural for you to be concerned about who else owns an interest inyour company.Whether your children own an interest in your business, or you plan to give or leave your business to your children, you certainly do not want a hostile stranger as an owner, and you may not want anyone other than immediate family to be an owner.
If you mention your concerns to your lawyer, your lawyer may suggest that the couple enter into an antenuptial agreement. Mention an antenuptial agreement to your child, and your child may suggest that you are asking them to sign an antenuptial agreement. More…