Reference no: EM131948680
Antonio was planning his will in the tradition of the old country. He put pen to paper and addressed the letter to his three surviving children. In the letter, he called out his wishes for the distribution of his property at death.
His mother, who lived in Pasadena, CA, was to be taken care of by his three children. His wife, Emily, would be responsible for maintaining the family residence in Monrovia, CA for the rest of her life. At death, the residence was to go to Antonio’s oldest grandson (son of the youngest child, Marie). The ancestral home in Provence would be given to Antonio’s oldest son, Pepe, who would in turn leave it for his eldest son, as has been done for centuries. His 2009 Peugeot is to go to his second son, Michael. All of the personal assets are to be auctioned and the proceeds are to go to the church poor fund.
He started his Eagle Rock jewelry store after arriving in the USA forty years ago. Shortly thereafter, he sent for Emily, from his village in Southern France and married her. She came through Canada and never registered with the federal government. Antonio proudly became a USA citizen thirty years ago, after the birth of his eldest son Pepe. The jewelry store is a sole proprietorship and was not addressed in the letter to his three surviving children. Antonio wanted his children to take it over but all three decided to become medical doctors. They practice medicine in Southern Oregon, Phoenix, and San Diego.
Antonio died last month and the initial estimate of his estate is $8,000,000. What problems as the financial planner, if any, do you observe? Explain
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