Estate Plan for Willis and Wanda Notimeleft
Estate Plan for Willis and Wanda Notimeleft
Advance Business Law
Willis and Wanda Notimeleft have a net estate of $8.5 million dollars. They are 87 and 86 years of age, respectively. They have 3 children, Daryl (56 YOA), Darlene (54 YOA), and Derelict (49 YOA). They desire to pass their property on to their children and do not believe in giving money to charities. Daryl is a priest who recently was honored by the Pope at a ceremony at the Vatican. He has one child, Ohio, who nobody knows about except the immediate family.
Darlene is a wealthy bird-watcher who has been the first person to identify 17 different species of rare birds, including the Gawking Loon, and her Gawking Loon Bird Treats have won numerous awards at international bird culinary events. She has no children, but she does have a very manipulative dairy farming, playboy husband, Hue Heifer. Unfortunately, Derelict has been a relative failure who, at best, writes ridiculous law exam questions like this one when he is not in prison on a variety of charges. He may have children, but nobody is sure. Willis and Wanda are very private people who do not want their wealth to be publicly revealed. Like all red-blooded Americans, they don’t want the government to get one red cent of their hard earned wealth. Despite their differences, they want their children to share equally, but want their wealth protected so that their children can enjoy it.
First of all I would advise them to open a Revocable Living Trust for Willis and one for Wanda and a children’s trust with a spend thrift clause to keep the children from spending their inheritance foolishly. Trust funds up to $5,120,000 are excluded from the estate taxes, so I would fund Wanda’s trust to that amount and, fund Willis’ trust with the rest. This would give them lower estate taxes because they would not be paying on the total amount. These trusts will also avoid probate when the time comes. I would have the children listed as
Advance Business Law
Willis and Wanda Notimeleft have a net estate of $8.5 million dollars. They are 87 and 86 years of age, respectively. They have 3 children, Daryl (56 YOA), Darlene (54 YOA), and Derelict (49 YOA). They desire to pass their property on to their children and do not believe in giving money to charities. Daryl is a priest who recently was honored by the Pope at a ceremony at the Vatican. He has one child, Ohio, who nobody knows about except the immediate family.
Darlene is a wealthy bird-watcher who has been the first person to identify 17 different species of rare birds, including the Gawking Loon, and her Gawking Loon Bird Treats have won numerous awards at international bird culinary events. She has no children, but she does have a very manipulative dairy farming, playboy husband, Hue Heifer. Unfortunately, Derelict has been a relative failure who, at best, writes ridiculous law exam questions like this one when he is not in prison on a variety of charges. He may have children, but nobody is sure. Willis and Wanda are very private people who do not want their wealth to be publicly revealed. Like all red-blooded Americans, they don’t want the government to get one red cent of their hard earned wealth. Despite their differences, they want their children to share equally, but want their wealth protected so that their children can enjoy it.
First of all I would advise them to open a Revocable Living Trust for Willis and one for Wanda and a children’s trust with a spend thrift clause to keep the children from spending their inheritance foolishly. Trust funds up to $5,120,000 are excluded from the estate taxes, so I would fund Wanda’s trust to that amount and, fund Willis’ trust with the rest. This would give them lower estate taxes because they would not be paying on the total amount. These trusts will also avoid probate when the time comes. I would have the children listed as
References: Clarkson, Mille, Cross. (2012). Baker College – Advance Business Law (pp. 1018 -1035). Cengage. Living Trust Network. (2014). Retrieved February 17, 2014, from www.livingtrustnetwork. New York Life Insurance company. (2013). Retrieved February 17, 2014, from www.newyorklife.com.