ESTATE PLANNING: THE IMPORTANCE OF ESTATE PLANNING FOR PRINCE WILLIAM ON HIS 30TH BIRTHDAY
What does estate planning have to do with Prince William’s birthday?
Not everyone relishes the idea of turning 30. It seems “old” at the time, and for many, signals the true beginning of adulthood and all its responsibilities.
But for Prince William, son of the late Princess Diana, it’s a date to look forward to: June 21, 2012. On that date, the Prince becomes eligible to receive his inheritance from his mother, who was killed when he was five.
It is estimated to be 10 million British Pounds, about $16 million dollars. This is a nice gain from the estimated 8.5 million pounds initially passed along, after inheritance taxes (40%!) were taken out by the Queen’s government after Diana’s passing in 1997.
One lesson here for us mortals who hope to have something pass along, is that an estate planning can be done so that children only receive the money when we say so. Diana planned for her sons, but did not want them to receive too much too young.
They have, meanwhile, survived quite nicely, with help from their father and from their grandmother the Queen.
Diana’s Estate Planning
But Diana’s estate planning avoided a potentially troublesome situation (small children receiving large inheritance), which is apparent now that we know she passed away when the boys were small. Wise managers preserved and grew her estate.
In our estate planning, it is wise to plan for the unexpected as well. You never know when the paparazzi might get you.
Topic: Estate Planning