Willis & Wanda

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Submitted By bwilki03
Words 727
Pages 3
Factual Scenario #3
Barbara A. Wilkins
Advanced Business Law – 312
Carol Parker
October 31, 2012

Willis and Wanda Notimeleft
Estate Plan

In reviewing the situation we know that the Notimelefts have a net estate of $8,500,000 and three children. The goals are: to cover their own needs; pass funds on to three children equally; avoid taxes; protect their funds; keep their business private; and give no money to charities. The issues here are: will the Priest be allowed to have an inheritance or would it be given to the church (which looks like a charity to Willis and Wanda); would Darlene’s manipulating husband spend the money and what would happen in the case of divorce; what about possible grandchildren (does Ohno have a sibling?); and when Derelict is in prison would his inheritance be required to pay restitution? What happens if Willis or Wanda are incapacitated? The first thing I would advise would be to open a Revocable Living Trust for Willis (Trust A), one for Wanda (Trust B), and a Children’s trust with a spend-thrift clause to keep Derelict from spending his inheritance foolishly. Trust funds up to $5,120,000 are excluded from 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 avoid probate when the time comes which is a concern of Wanda and Willis.
I would list the children’s trust as the beneficiary to Willis’ and Wanda’s trusts upon their deaths. Wanda and Willis are still alive and we do not know of any life-threatening diseases, they will want to have access to their funds now while finding ways to help their children financially. Under the Gifting Plan, each child could receive $13,000 each year. This would reduce the estate (thus reducing the amount of estate tax) and give…...

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