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…

Succession Planning: Surviving the Second Generation

Succession Planning: Surviving the Second Generation

Business Journal
by Nancy F. Blumberg, CPA
Simon Master & Sidlow, P.A.

As founder and CEO of a prosperous small business you undoubtedly have a keen interest in ensuring its continued viability upon your retirement, disability or death.However, more the 50% of family businesses do not survive beyond the second generation.Consequently, it is important for you to formulate a succession plan that will keep the business going and ensure the security of your heirs.Even if your withdrawal from active involvement in the business is not in the immediate future, formulating a tentative succession plan now is smart business.

If you have younger family members who have both a desire and the necessary expertise to operate the business in your absence, there are several options open to you.The tax law encourages you to begin giving (“gifting”) common stock in the business to family members as soon as possible.The annual exclusion can result in all estate and gift tax liability being eliminated on transfers of up to $10,000 worth of stock each year to each donee ($20,000 per donee if you are married and gift-splitting is elected).If your business is not already incorporated, you can incorporate it tax-free in order to implement the gift program. More…