Leona Helmsley moved from high school dropout, to owning an amazing array of prized properties, including the Empire State Building. She also inherited a large real estate portfolio from her late husband Harry Helmsley. (We also know she was convicted of Tax Fraud and spent 18 months in prison in 1993.) She passed away in 2007 with an estate conservatively estimated at more than $5 billion. As you can imagine her will was extremely specific, especially about the care of her five grandchildren and her dog, Trouble.
Her grandchildren do not get their annual allowance (250K) unless they visit her Mausoleum at least once per year. There is a sign in Register and since each grandchild benefits financially if one of them does not sign, they check themselves. This is an example of good estate planning to control the actions of your heirs. Another example is to require behavioral conditions like Alcohol or Drug addiction treatment. Yes, you can have influence on the behavior of your heirs after you pass away. Call or email me today to discuss an estate plan including your specific requests. Ron@attorneycole.com
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