01 Jul LAW WINSTON AND MIRIAM HATHAWAY
Law Winston and Miriam Hathaway
Winston and Miriam Hathaway they both want that if both of them die at the same time, they want their property to go to their children. If their spouse is not alive at the time of their death, the property should go to their children. But, they are concerned about the credit habits of both children. Both children spend substantially more that they earn. Also the clients are worried about the stability of their childrens marriage. They would like to protect as much of the property as possible from the childrens creditors including spouses. Ideally, they would like the property invested and with the income paid on a yearly basis to each child. The clients like the idea of splitting the property in half at the outset and a separate trust created for each child. Principal would be distributed as follows: one-third at age 35, one-third at age 45 and the balance at age 60. If a child dies, the clients want the trust to terminate and the assets to go to their survivor child. When the last surviving child dies they want it to pass according to the childs estate. The clients own a poodle named Bridget. They are extremely attached to Bridget. The children hate Bridget and hate dogs in general. The clients are worried that their children would have Bridget, or any potter dog they owned, put. to sleep. To avoid this, then would like to make provision for any dog they own at the time of their death. Specially, if their spouse predeceased them he/she wants any dog they own to be given to Father Patrick OBrien. Also they want to give $10,000.00 to Father OBrien to defray the expense of owning the dog.
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