HEGWOOD LAWGROUP Trusts | Estates | Probate | Elder Law | Family
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INSIDE THIS ISSUE
1 The Real Origin of the Easter Egg Hunt
2 The Fyre Festival’s Legal Fallout for Influencers 5 Hilarious Prank Ideas — Even During Quarantine 3 Go Green in 3 Easy Steps Molten Peppermint-Chocolate Cakes
4 How to Divvy Up Assets Without Splitting Up the Family
HOWTO DIVVY UP PERSONAL ASSETS
When planning your estate plan, we know one of your biggest concerns may be to keep your family together. We have five tips for doing just that. First, direct specific items you want to be sold. If you have one or more possessions that have much greater value than others, it can be difficult to make your distributions equal. As an example, in one family, the parents saved one painting by a famous artist when they fled Europe during the Holocaust. The children sold the painting and split the proceeds equally, since it would not have been fair for any one of them to receive the painting, and none had the resources to buy out the other two. The painting was auctioned at Christie’s, the proceeds were split between the siblings, and they ultimately avoided an argument that could have lasted for generations. List the most important items in your estate plan. While your will could get very long if you tried to list all your possessions, you may have a few family heirlooms or valuable artworks that you want to stay in the family. It may be easier for all concerned if you say who should get what specific item. In connection with this tip, Hegwood Law Group includes a Memorandum Regarding Personal Property as
part of your estate plan. This document allows you to direct which personal belongings are to be distributed to a specific person.
Give assets away now. Perhaps not everything, but the more you disburse during life, the easier it is to distribute the few things that remain upon your death. When you make gifts, make sure everyone knows about it, even put it in writing, so the person receiving the gift is not suspected of ransacking your jewelry box, for example. Get an appraisal. For tax purposes and to guide you in deciding who should get what item, it can be useful to know the monetary value of the items you are giving away, whether during your life or upon your death. This can also be very important for your executor or trustee in order to distribute the assets. Use a lottery. If you do not want to make choices regarding your estate plan, you can instruct your executor to set up a lottery system for distributing your personal assets. Check out our website HegwoodLaw.com for more estate planning tips! Thanks for reading and do not hesitate to ask our expert legal team your questions!
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HEGWOOD LAW GROUP
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