The New Estate Planning

The New Estate Planning

by John McDermott
MidAm Bank

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…

Elegant Estate Planning: Lessons from the Will of Jacqueline Kennedy Onassis

Elegant Estate Planning:UMass
Lessons from the Will of Jacqueline Kennedy Onassis

Related Matters Newsletter
Spring 1995

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…