Estate Planning: Hindsight and Foresight
Estate planning can be both a gut wrenching and time consuming experience. You don’t sit down and do it. It takes time and professional assistance. It often requires some tough decisions, difficult choices, even coming face to face with one’s own vulnerabilities. Perhaps, that is why so many business owners, and particularly owners of family businesses, procrastinate. How well you plan, however, may well determine not only your future but that of the family and the familybusiness, members of the Family Business Forum were told during a recent seminar at theRothman Institute of Entrepreneurial Studies at Fairleigh Dickinson University. More…
Elegant Estate Planning:
Lessons from the Will of Jacqueline Kennedy Onassis
Related Matters Newsletter
by by Susan E. Kuhn
Reprinted with permission of FORTUNE magazine © 1994 Time Inc. All rights reserved.
Leaving property specified exactly who would inherit each of her real estate properties. Homes are laden with emotion and should be disposed of directly, not lumped into total assets.
Creating trusts put the bulk of her estate into a charitable lead trust. The trust gives money to charities for 24 years, then the rest goes to her grandkids. A charitable lead trust is a good way to give money to heirs who don’t need the income immediately. The donations to charity reduce the estate’s taxes.
Making personal requests gave her personal property and letters to her children and requested that they respect her wish for privacy. When giving gifts of valuable personal property, make your wishes known but allow the beneficiaries some flexibility. More…