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Famous Estates – Legacy Champ or Chump?

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John G. Shedd (1850-1926) - Businessman & Philanthropist In 1871, John Shedd arrived in Chicago and began working as a stock clerk for Marshall Field & Company. By 1901, he had worked his way up to vice president and took over as president upon Field's death in 1906. Under Shedd's presidency, Marshall Field became the largest wholesale and dry goods company in the world. Shedd was also a civic leader and founding member of the Commercial Club of Chicago, which continues to play an … [Read more...] about Famous Estates – Legacy Champ or Chump?

Minors Have Immediate Needs

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If you are primarily responsible for a child or grandchild, one of the most important things that you can do is to plan for what will happen if you should suddenly pass away. You should make plans for the long term care and financial well-being of any minors that you care for. You should also make sure that the minors have quick and easy access to funds after you are gone. Many estate planning instruments require time to access. If you leave something to a minor in a Will, for example, then the … [Read more...] about Minors Have Immediate Needs

Texas History – When did the Final Conflict of the American Civil War Occur?

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The final conflict occurred near Brownsville on May 13, 1865, at the Battle of Palmetto Ranch, which the Confederates won. The Texans had not yet learned that the war ended officially with the surrender of General Robert E. Lee to General Ullyses S. Grant on April 9, 1865 at Appomattox, Virginia. … [Read more...] about Texas History – When did the Final Conflict of the American Civil War Occur?

Baby Boomers and Estate Plans

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Many Baby Boomers are just now reaching the point where they are thinking about retiring and leaving inheritances for their children. Unfortunately, they are often finding it difficult to make plans because they have to care for their parents. The parents of Boomers did not expect to live as long as they are, and as a consequence they did not plan for it. When they run out of money, they often look to their Boomer children for help. The need to take care of their parents leaves many Boomers … [Read more...] about Baby Boomers and Estate Plans

Texas History – Who was the Confederate Commander in the Battle of Sabine Pass?

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Lieutenant Dick Dowling was the commander of Fort Griffin on September 8, 1863 when the federal forces under the command of General Nathaniel P. Banks appeared off the Sabine Pass with an invasion fleet of twenty (20) vessels transporting 5,000 troops. Dowling and his men had driven stakes in the mud besides channels in the Sabine estuary to establish exact ranges for their weapons. In the ensuing battle when the six big guns fired 137 times in forty-five minutes, defenders turned back the … [Read more...] about Texas History – Who was the Confederate Commander in the Battle of Sabine Pass?

Amending Your Parents’ Estate Plans

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Many wealthy people wish they could amend their parents' estate plans after their parents pass away. Few know that they can. What often happens is that a wealthy person's parents will leave a large estate to someone who does not need it. The estate will be subject to the estate tax. The wealthy person who inherited the estate will then just keep the assets and leave them to his or her own children eventually. The same assets will be subject to the estate tax again. The way around this double … [Read more...] about Amending Your Parents’ Estate Plans