What is the greatest gift you can give family, children, a loved one? Some would answer spending time with them, some would answer love, some would answer money, some would answer a college education.
What about a carefully thought out estate plan, contemplating who will be in charge when you are gone, or designated persons for medical and financial decisions while you are alive? It seems like an odd gift, doesn’t it? But I cannot think of a more important one. According to the website Caring.com, only forty-two percent of U.S. adults have a Will. I would bet it is even less than that.
Famed rocker Eddie Money died this year. According to Celebrity Net Worth, Money may have been worth about $20 million at the time of his death. He is survived by his wife and five children, but the directives of his Will are not yet clear or haven’t been discovered. Gosh, I certainly hope that he had a Will, to protect his estate from unnecessary taxes. His estate will be subject to the federal estate tax for 2019, and depending on what his estate plan is, it depends on what has to be paid. Supposedly, Money sold over 5 million albums during his career. Wow, and factoring in royalties, the estate value could be difficult to quantitate.
Considering setting up a thorough estate plan this holiday season, as the ultimate gift for your family. Come see us at CPLS, P. A., downtown Orlando Office, it’s important to speak with an experienced attorney to discuss your specific case and circumstances. Attorney Hallie Zobel is a member of the firm’s Estate Planning Practice Group.
