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The Facebook Death Mask

Facebook today announced a change in its policy towards the accounts of deceased users.  It will now allow a user to designate a “legacy contact” to manage the account of a deceased user.  Previously, Facebook froze the account of a deceased user which left the account in a state of virtual purgatory.

What you need to know:

1.  To designate a legacy contact, go to Settings, choose Security, and then Legacy Contact at the bottom of the page.

2.  Stupidly, you may not designate a contingent legacy contact so do not choose someone you travel with frequently or who might kill you in a murder-suicide.

3.  Legacy contacts may not alter what you have previously posted.  If something is embarrassing while alive it will remain embarrassing post mortem.

4.  This might all be for nothing anyway.  How fun will Facebook be if one cannot post a picture of himself with the most hated man in Kentucky?

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World’s Greatest Dad?

Robin Williams’ will was admitted to probate court last week.  It provides that his entire $50 million estate will be left to a trust for the benefit of his 3 children.   The trust provides that his children will receive their inheritance in stages at the ages of 21, 25, and 30.

Several points:

1.  Net of estate taxes, each child will $10 million in installments of $3.33 million.

2.  I would never advise a client to leave such a large sum to a 21 or 25 year old – the child’s initiative to become a successful, independent, adult can be stifled.

3.  I recommend more installments with increasing percentages of funds as the child ages.

4.  Williams’ children will likely view their dad as the “World’s Greatest Dad” but I think this trust is a “Flubber.”

 

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Public Radio

Thank you to Chris DeSimio for inviting me to discuss various estate planning and inheritance issues with him on WVXU’s Cincinnati Edition hosted by Mark Heyne yesterday.

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News You Can Use – Estate Tax Exemption for 2015

The IRS announced that the estate tax exemption for 2015 will increase from $5.34 million to $5.43 million.  This is the amount that can be left estate tax free to heirs.  Those taxpayers suffering from dyslexia will see little difference.

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Catching UP

I had some technical difficulties (thanks spammers) with the blog which rendered it impossible for me to post in this forum for 2 months.  I was able to post in the other forums (Facebook, Google+, Tumblr, and Blogger) though. I will re-post the missing posts simultaneously.

Contact Me

All Posts By Jay Brinker

I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.