Will the preservation of the wealth continue or dry up?
John D. Rockefeller.
You have heard of him.
He was a billionaire ... back when that was "real" money.
He also created one of the most successful estate plans in American history.
His wealth was preserved and passed to his children.
Then to his grandchildren.
Now his last grandchild, David, has passed.
According to a recent Trust Advisor article titled “Dynastic Gamesmanship: Did David Rockefeller’s Crafty Trust Work Leave the IRS Holding the Bag?,” the trust will have to adapt as it is passed completely to the generation of John’s great-grandchildren.
The trust holds much wealth.
Since then, legions of financial advisors have worked throughout the generations to save the assets from the estate tax while allowing the money to increase.
Why will the estate plan need to change?
When Jonathan created his will beneficiaries could only include those already born.
What does this mean?
Taxes may be due at the death of the final named beneficiary for this initial trust.
Who is this heir you ask?
John D. Rockefeller’s great-niece Abby Milton O’Neill.
Even after this tax bill is paid, the Rockefeller wealth is not likely to dry up.
The initial estate planning was impeccable for its time.
Since then, the financial advisors and estate planning attorneys for the Rockefeller family have adapted and managed the trust to allow for continual growth and wealth preservation.
You probably do not have billions in assets, but smart estate planning will still put you and your loved ones in a better place.
Work with an experienced estate planning attorney to create an estate plan specific to your needs and goals.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (March 27, 2017) “Dynastic Gamesmanship: Did David Rockefeller’s Crafty Trust Work Leave the IRS Holding the Bag?”