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SIMPLE WILL (Outright To Surviving Spouse, Then Outright To Children, Then Descendants Per Stirpes With Trust For Grandchildren Under Age 35) (14 Pages)

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Description

This is a simple will. The testator leaves all property to his or her spouse outright. If the spouse does not survive, the property then passes outright to children, per stirpes. If a child does not take, and the property passes to grandchildren, a grandchild must be age 35 to receive an outright share. Otherwise, the share of the grandchild is held in trust until age 35, with the trustees authorized to pay income and principal in their discretion for a grandchild’s health, education, maintenance and support. When a trust beneficiary attains age 30, such beneficiary receives one-half of the balance of his/her trust. When the beneficiary attains age 35, the trust ends and the funds are paid outright to the beneficiary.  It is assumed that this instrument will be suitable for persons having modest estates well below the federal exemption. It may be used where there is concern for outright distributions to grandchildren who have not yet attained age 35. Of course, the indicated ages may be modified above or below those provided where considered appropriate. Note that Article Fifth (D) does provide language addressing generation-skipping tax issues in the event the size of the estate approaches the federal estate tax generation-skipping tax exemption.

Author:

Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.

He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.

Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others.  He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.

The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.

Contact the Siegel Group through its president, Steven G. Siegel, e-mail: steve@siegel.net.

 

 

 

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