Estate Planning Mistakes Tip 2: Winner Takes All

VIDEO TRANSCRIPTION – Estate planning, winner takes all. I’m going to share a story from our client’s file. Had an interesting conversation with one of our trust advisors and we was talking about some of the things, the stories that happens with clients who do not have proper estate planning.

Hi, I’m Steven D. Cooper, also known as Coach Coop with Cooper’s Accounting Service. If you’d like to learn more great tax tips, download our popular financial guide at our website yourfinancialfreedommatters.com or click on the link below.

Once again winner takes all We had a married couple husband and wife. They both had two kids outside of their wedding They got into a car accident. They both died The two children decided winner takes all what do I mean by that? One set: Are the father’s children, they win the inheritance? Or the mother said they win the inheritance. Both parents combined were worth $12 million. So how can you tell who’s winner takes all? You tell who died first.

What do you mean by that? If the husband died first, then the wife is the surviving spouse and her children inherit it’s the $12 million. Now most people say, well, how come they wanna be so greedy? Instead of six million, six million, they split it up. It’s $4 million each. One would think that , they didn’t.

The set that won, if y’all wanna know, was the mother’s children. They inherited $12 million and they split it.

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If you’d like a free 20-minute smart money consultation, call us at 562-436-2600. Well again, I’m Steven D. Cooper with Cooper’s Accounting Service. Don’t miss our next video where we discuss the daughter. What does she inherit?

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