“Estate planning” will be your family’s guidebook once you have passed away. The Big Easy Magazine’s recent article entitled “Estate Planning Is Essential and Here’s Why” explains that estate planning is similar to writing a last will. HOwever, writing one is not limited to what happens to your house, car, possessions, or other assets after you pass away. It also entails the question of who will take care of your minor children, if they are left without a parent, as well as your instructions for burial and other items.
If you fail to leave specific instructions, the state’s intestacy laws will apply at your death, meaning that the court will decide who gets what. There is no guarantee this will be in your best interest. Let’s look at the consequences of not writing your will:
If you prefer cremation or a traditional burial, your family may not know and decide based on their preferences or convenience.
Your properties will be managed by someone you do not necessarily trust, if you do not name an executor to your will.
Some of your loved ones may not get an inheritance if there is no will. State law may not carry out your intentions, and some people may be left out.
Your favorite charity may not receive donations. For those committed to leaving a legacy, your organization of choice should be listed in the will.
The court will assign guardians for your minor children, and social services will appoint a guardian. You can avoid this, by naming a trusted person in your will.
Aside from avoiding these consequences, estate planning can also save your family a lot of headaches and expense. A detailed will with your instructions will alleviate the stress and provide them with comfort, while they recover emotionally from their loss. Here are the top reasons why you need to plan these things:
You can avoid inheritance taxes and federal estate taxes with proper estate planning.
You can name who will care for you, if you are unable to make your own decisions because of illnesses, infirmity, or old age. With a power of attorney, you can name someone you trust to manage your finances.
If your minor children are orphaned, you can name someone you trust to be their guardian in your will.
Some family members are greedy, so you can exclude them from your will. With an estate plan created by an experienced estate planning attorney, you can ensure that the people you love will receive what you intend.
Estate planning is essential to securing a comfortable life for your loved ones. Work with an experienced estate planning attorney to set things up correctly.
Reference: The Big Easy Magazine (May 17, 2021) “Estate Planning Is Essential and Here’s Why”
Edmond de Rothschild Holding SA described Benjamin as a “visionary entrepreneur, passionate about finance, speed, sailing and automobiles.” He died recently at 57 of a heart attack, according to Wealth Advisor’s recent article entitled “Billionaire Benjamin De Rothschild, Heir To Storied Banking Fortune, Dies At 57.”
A member of one of Europe’s most famous banking families, Benjamin de Rothschild inherited a branch of the family bank that concentrated in private wealth management. The Edmond de Rothschild group, founded in 1953 by Edmon Adolphe de Rothschild, manages more than $190 billion in assets and employs 2,600 people in 32 locations around the world. Forbes estimates that Benjamin was worth about $1.4 billion at the time of his death, with his ownership of Edmond de Rothschild Holding SA accounting for most of his fortune.
Benjamin is survived by four daughters — Alice, Eve, Olivia, Naomi — and his widow, Ariane, who has run the Rothschild Group with him for several years.
Benjamin was a descendent of James de Rothschild, the founder of the French branch of the Rothschild family and one of five brothers who were sent across Europe by founding father, Mayer Amschel in the early 1800s. In 1953, Edmond Adolphe de Rothschild, the great-grandson of James de Rothschild, formed the branch of the bank is called Edmond de Rothschild. This branch of the bank is very different from the more famous Rothschild & Co that is best known for its part in drafting the rulebook for the international bond market before WWI.
Benjamin De Rothschild had been in control of the banking concern created by his father since 1997 and worked to simplify its structure after delisting.
As of the end of 2019, Edmond de Rothschild Holding SA had $194 billion in assets with activities in 15 countries.
In 2018, after battling another branch of the family over the use of the family name, the two factions announced they’d reached an agreement on the use of their respective brands, after litigation in 2015 from Benjamin concerning the Rothschild name in private banking.
Since 2015, Edmond de Rothschild has been run by Ariane, Benjamin’s wife. This was a decisive turn from the last will and testament of founder Mayer Amschel. He wrote famously in 1812 that the Rothschild business should pass between male heirs and “belong to my sons exclusively.”
The banker donated generously to Israel, including $22 million for the country’s effort to combat the coronavirus.
Reference: Wealth Advisor (Jan. 26, 2021) “Billionaire Benjamin De Rothschild, Heir To Storied Banking Fortune, Dies At 57”