Die without a will and the laws of descent and distribution become your
"will." Below are abbreviated examples of what may happen.
- One-half of possessions to spouse, one-half to children.
- Spouse appointed guardian for children, but required to report to
probate court to give an accounting of money spent and care of children.
- When children reach age of maturity they shall have the right to their
share of estate without question of their actions in spending respective
shares.
- Should spouse remarry, his/her second spouse shall be entitled to
one-half of his/her estate when he/she dies. The second spouse shall
have the right to decide his/her share even to the exclusion of the
first spouse's children.
- Since the legitimate avenues available to lower estate taxes were not
exercised, to the detriment of spouse and children, an estate may be
severely eroded by the burden of estate taxes.
| With Estate Plan | Estate Value | Taxes | Percentage of Loss |
| | (millions) | (millions) | |
| John D. Rockefeller | $577 | $17 | 3% |
| W. Randolph Hearst | $57 | $3.7 | 6% |
| Jacqueline Kennedy Onassis | $119 | $3.8 | 3% |
| | | | |
No Estate Plan | Estate Value | Taxes | Percentage of Loss |
| | (millions) | (millions) | |
| Conrad H. Hilton | $199 | $105 | 53% |
| Elvis Presley | $10.1 | $7.3 | 72% |
| Joe Robbie | $156 | $82 | 55% |
Accentuate the Positive! Make Your Will Now!
For more information, please contact:
Michael A. Schroeder
Minneapolis Heart Institute Foundation
920 East 28th Street, Suite 120
Minneapolis, MN 55407
612/863-3958
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