No One Likes a Family Feud (If It’s Not a TV Show)
“PRINCE FAMILY WAR EXPLODES OVER $1 BILLION FORTUNE.”
The title of the article inside reads, “Ugly Scenes as Prince’s family fights for His Fortune – Greed, lies & screaming matches over $1 billion legacy.” One wonders how much of the legacy will be left when the fighting is over.
Prince could have minimized the chances of ugly scenes, lies and explosions by preparing and executing a well thought-out estate plan. And a well thought-out estate plan is not only for the rich and for those who need to minimize their estate-tax burden. Here are some of the situations where a good estate plan makes a lot of sense:
- Where each spouse has children from a prior marriage.
- An owner of real property in more than one state.
- A successful entrepreneur who alone or together with other family members owns a thriving business.
- A couple with minor children that has no family member to serve as their guardian in the event of a common disaster.
- Someone with beloved pets who wants a mechanism to make sure they are well cared for after their owner’s passing.
- Someone who owns valuable heirlooms who wishes to make specific bequests to individuals.
- Someone who wants the peace of mind that comes from knowing that they have done all they can to avoid a family feud.
Now is a good time to consider putting an estate plan in place – whether a will, living trust, an irrevocable trust, or some combination of those vehicles. With the summer almost upon us, people leaving for vacations should consider leaving an estate plan in an appropriate location with responsible persons. We can provide you with an estate planning package, free of charge, consisting of: (1) a brochure explaining the advantages of an estate plan and its components and (2) a questionnaire to capture the information that we need to tailor the proper plan available to you.
Upon our receipt of the questionnaire, we can call to schedule an appointment to review the alternatives and structure the best plan for you and your family. It’s one way we can contribute to your peace of mind. After all, that’s our business.
Written by Attorney David B. Goldstein,firstname.lastname@example.org
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