Just read an interesting article at http://www.miamiherald.com/living/family/story/1175433.html. It reminded me not only how important it is to name a guardian for your minor children should something happen to you, but also how difficult making this decision can be. Compounding this difficulty is the fact that many parents make at least one of six common mistakes when naming a guardian. Obtaining good legal advice and counselling throughout the process can help eliminate mistakes and lessen the stress of the decision. At The Cramer Law Center we specifically focus on the needs of parents who face decisions as to how to best plan for the future of their minor children.
A study of wills in the old south revealed that nearly 40% contained trusts. Trusts are neither a new nor an exotic estate planning tool! Testamentary trusts (trusts set up within a will) provide that assets distributed after death may be held in trust for certain purposes. Living trusts (trusts set up during a person's lifetime) provide the additional benefit over testamentary trusts of including provisions to deal with issues that may arise during a person's lifetime such as detailed disability planning provisions. To read more about the study click here: http://www.thefacultylounge.org/2009/08/the-new-technologies-of-the-antebellum-era-steam-and-trust.html.
This week I thought that I would share with you some comments on an interesting book I just finished:Mrs. Astor Regrets by Meryl Gordon.This is the story of Brooke Astor, the last Mrs. Astor, who lived one hundred and five years before passing away in August, 2007.The book is captivating because it tells the story of one of the richest women who ever lived and is full of anecdotes about the rich and famous.The Rockefellers, the Whitneys, Henry Kissinger, Tom Brokaw, and Oscar de la Renta are just a few of the famous names that moved in and out of Brooke Astor’s life.These stories alone make for fascinating reading.