Reference no: EM132191354

Case - The Estate Plan of the Hill Family

Please answer the following questions:

1. If Paul Hill dies today, what is the amount of his probate estate?

2. How can Paul and Kathy Hill ensure that Mary (Annie's down syndrome daughter) receives the benefit of her inheritance, without incurring claw backs from government assistance.

3. Should the Hills create one trust for all their assets? Should this one trust be an irrevocable or revocable trust?

4. Should the Hills allow advances of the estate to heirs while the parents are still alive? If so, what sort of trust should they create?

5. Some family members are working in the family business. Should they get the same amount or more than family members that do not work in the family business?

6. Could splitting the business up equally among heirs and creating a shareholder board jeopardize the continued operation of the company?

7. Is there any way to pay for Kathy and Paul's retirement and leave the business as a legacy for the children? Yes or no? If yes, please provide your explanations and provide your rationale.

8. Should the Hills make charitable donations to a municipality and in-kind charitable donations to reduce taxes? Yes or no? If yes, please explain your reason.

9. How can the Hills reduce or eliminate the likelihood of an heir contesting the will?

10. If Paul and Kathy Hill cannot communicate their estate planning goals to their children. Or if the children seem ready to contest the wills of Paul and Kathy Hill, who should talk with family members?

11. Should Paul and Kathy Hill have separate Powers of Attorney? Who should have Power of Attorney if Paul or Kathy Hill become incapacitated. What will happen to Thomas?

Attachment:- Case.rar