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Would You Give All of Your Wealth to Charity?

Apple Inc (AAPL.O) Chief Executive Tim Cook is joining the roster of the very rich who are giving away their wealth.
Yahoo Finance reports about this story in an article titled "Apple's Tim Cook will give away all his money." Cook plans to pay for his nephew's college education and give everything else away.
This is a trend that started with Warren Buffet, who encourages billionaires to donate at least half of their wealth to charity. The theory is that you can rear your family well enough so they will be able to take care of themselves and not need to inherit the wealth.
However, the big potential drawback to this plan is that family members may not agree that they do not need the inheritance.
In fact, the views of your family members regarding what they need or want might be very different from yours.
It is better to uncover their thinking now before you are gone.
Because estate litigation can be very expensive and unduly enrich trial attorneys.
Accordingly, if you plan to give all of your wealth to charities, then it is only prudent that you communicate this with your family members sooner rather than later.
It is important that you get your family to buy into the plan while you can.
Reference: Yahoo Finance (March 26, 2015) "Apple's Tim Cook will give away all his money."
For more information on charitable donations, please visit our website.
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Legendary Coach Dean Smith Continues Coaching through His Will

Former University of North Carolina basketball coach Dean Smith, who died last month at 83, is treating his former players to dinner. The Hall of Famer left instructions for his estate to send $200 to each of his varsity lettermen so they could have a meal compliments of him.
As an influential coach, the late Dean Smith is considered to be one of the greatest in the history of college basketball. He undoubtedly changed the fundamental nature of the game. His teams used to play a slow, four corners offense that delayed the game as long as possible – which is why we now have the shot clock in play.
However, if you talk to Smith's players and colleagues, they will say that his greatest influence was his coaching and the life lessons he taught his players. He included another lesson for them in his will: 180 former players will receive a check for $200 with instructions to have a dinner on the coach.
One player remarked that the lesson being taught is friendship. Bloomberg has more on the story in an article titled "Dean Smith Dinner Bequest Is One of His 'Lessons' to Team."
The lesson to be learned here is that wills and estate plans do not have to just be a cold distribution of assets. They are capable of many things, including teaching lessons to loved ones.
Reference: Bloomberg (March 26, 2015) "Dean Smith Dinner Bequest Is One of His 'Lessons' to Team."
For more information on how to create unique estate planning vehicles, please visit our website.
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