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What Happens When Children Inherit Large Sums of Money?


FTC: I participate in an affiliate marketing program. If you choose to make a purchase as a result of clicking a link, I may receive a small commission of the sale. This helps me run my blog and I don’t talk about things I don’t actually use. 

Legal Disclaimer: Although I am a lawyer by profession, I am not YOUR lawyer. All content and information on this website is for informational and educational purposes only, does not constitute legal advice and does not establish any kind of attorney-client relationship by your use of this website. 

On March 31, 2019 the Black Community lost a beloved artist, philanthropist, leader, and father. R.I.P Nipsey Hussle. Nipsey was a father to two young children and was unmarried at the time of his death. If he had no Estate Plan in place, his assets would pass to his two young children.

What Happens When Children Inherit Large Sums of Money?

When a minor receives property or money, the minor is unable to have the authority to take control of that property or those finances until he or she reaches the age of 18 or the age of majority in that state. Minors cannot legally enter any contract or receive property until they are adults.

If the value of the assets left to a minor exceed a certain state threshold (i.e. $15,000 in the State of Georgia) a court-supervised conservatorship must be established for the benefit of the minor.

A judge would ensure that a conservator is appointed on behalf of the minor to manage the inheritance when a probate estate has been opened. A judge would decide who to appoint as the minor's guardian and conservator. Sometimes the person is a third-party attorney appointed by the court. Sometimes, the child's parent is chosen unless both parents are deceased or otherwise determined to be inappropriate. 

What is the Role of a Conservator?

The court appointed conservator would be responsible for:

Investing and Managing the Minor's Assets

The conservator will decide where the minor's liquid assets should be held and who will be responsible for overseeing their investment. If
 the minor inherits real estate, the conservator will be responsible for paying all expenses of maintaining the property, such as taxes, mortgages, and insurance.

Paying for the Minor's Health, Education, and Maintenance

The conservator is responsible for paying for the health, education, and maintenance of the minor.  This includes medical bills, clothing, food, school tuition, summer camp, and vacations. This is done with the inheritance.  

Preparing and Filing Income Tax Returns

The conservatorship estate assets are typically invested to produce income to take care of the minor's needs. The conservator must prepare and file a yearly 
income tax return on behalf of the minor and pay any taxes that may be due. 

Deciding Where the Minor Will Live

The conservator may have to decide where the minor will live if the parents are no longer living. 
The child's home would most likely be with their physical guardian, who does not necessarily also have conservatorship over his inheritance. 

Filing Annual Court Accountings

The conservator is responsible for filing with the court, accounting records of how the minor's assets have been bought, sold, invested, and spent each year.

Termination

The conservator must file a final accounting of the minor's assets when the minor reaches the age of majority, usually 18. The conservatorship is then terminated, and the remaining assets are distributed to the ownership of the minor, now an adult and legally able to hold and own his property.  

It is always best to have an Estate Plan in place to avoid as much court interference as possible. Probate litigation can become costly and ultimately leave major decisions in your child's life to a stranger, a judge. 

If you are in Georgia and in need of an Estate Plan for your family. Please contact me at crystal@svmlawoffice.com.
Always secure the bag,


Recipe: Ghen's Bangin' Banana Pudding

FTC: I participate in an affiliate marketing program. If you choose to make a purchase as a result of clicking a link, I may receive a small commission of the sale. This helps me run my blog and I don’t talk about things I don’t actually use. 

Legal Disclaimer: Although I am a lawyer by profession, I am not YOUR lawyer. All content and information on this website is for informational and educational purposes only, does not constitute legal advice and does not establish any kind of attorney-client relationship by your use of this website. 

Ghen's Bangin Banana Pudding

I want to give a special thanks to my cousin Brandy for scribing this recipe.

No one can make Banana Pudding like my Aunt Gwen. Fun fact: when I was younger I couldn't say "Gwen" so I made due by saying "Ghen" and that never stopped.

I have tried many, many other banana puddings at restaurants and bakeries and I always regret it.

It’s just never as good as my Ghen's Bangin' Banana Pudding. ( I just gave it that name)

They don’t even come close and you would be shocked when I show you how easy it is to make.

I think the secret to my Ghen's Bangin' Banana Pudding is the can of sweetened condensed milk.

I love light bananas and more vanilla wafers and pudding in my banana pudding.

This recipe fills a 13×9 or you can do it in individual mason jars.

I hope you enjoy this recipe for Banana Pudding as much as I do! I promise it’s the best!


Ghen's Bangin' Banana Pudding
6-8 ripe bananas 1 can condensed milk 2 boxes Nilla Wafers 1/4 cup milk 2tsp vanilla extract 1 tsp nutmeg 1 tsp cinnamon Cool Whip Starting with cookies, layer a pan of your choosing with cookies then bananas. You should end up with three or four layers.
In a saucepan, combine condensed milk, milk, nutmeg, cinnamon and vanilla. Warm on low heat to incorporate ingredients.

Spoon mixture over cookie/banana layers, making sure to coat each cookie on the top layer. Refrigerate until cool, then add cool whip on top.

Garnish with crushed Nilla Wafers

Let it sit for a few more hours before serving. Enjoy!

5 Reasons Why You Need a Business Succession Plan...Now


FTC: I participate in an affiliate marketing program. If you choose to make a purchase as a result of clicking a link, I may receive a small commission of the sale. This helps me run my blog and I don’t talk about things I don’t actually use. 

Legal Disclaimer: Although I am a lawyer by profession, I am not YOUR lawyer. All content and information on this website is for informational and educational purposes only, does not constitute legal advice and does not establish any kind of attorney-client relationship by your use of this website. 


If you have a business then you should have a business succession plan in place. Things can happen unexpectedly to anyone, at any age, at any time. If an event should result in your incapacitation or death, a business succession plan is an emergency plan that will ensure that things continue to run smoothly.
Still need convincing? Here are 5 Reasons Why You Need a Business Succession Plan…Now. 
1. You need time to find your successor. 

If you expect a family member to take over your business, it’s important to start having those conversations now. You should speak to them in depth about their commitment and their goals for the business. This may not be something they even want to take on but it does not mean your business will go to shambles. You could find a management service or potential buyer. If you plan ahead you have options so that you're family benefits from your business with minimum losses and hoops to jump through. 
2. You need time to prepare your successor. 
The person taking over will need to learn how to manage and grow the business. This includes building relationships, gaining industry knowledge, and learning sustainability.  Identifying your potential successors is something you can do now. Choose wisely. In the right hands, a small business can continue to flourish well beyond the tenure of the original owner. In the wrong hands, it will fold in no time. Finding the right person, whether a family member or outsider, takes time.
Your business can benefit your family without having to be ran by your family…if you prepare for that.

3. You need time to prepare you business.  
You have to get your business ready for a smooth transition. This means getting its affairs in order so that it can have sustainability and growth.  A starting point is gathering and consolidating important documents and data such as inventory, tax returns, financial records, and valuation data.  Keep a historical record for your business. A buyer will want to see these things. Organizing these things also protects the business in the event an owner has to sell unexpectedly or a family member must handle the transition under more dire circumstances.  For example, you should document your business processes so that someone new can easily take over. Your employees should get training so they consistently execute these processes as documented.
4. You can manage tax liability.
Planning for business succession now can help you avoid major taxes on down the road. A professional business and estate planning attorney can help you look at business succession planning as part of an overall estate planning strategy. There are things that you can do now that can reduce your taxes later. Planning can make things so much easier on down the road and legal advice can help ensure that you look at all the important aspects in your planning.  
5. You can leave a legacy and create generational wealth. 
Undoubtedly, you have put a lot of hard work into your business, even if it's a one-person show, you want it to be in good hands. A small business can grow and a large business can be sustainable. Succession planning can ensure the people that depend on you can continue to get your support.
If you are in Georgia and in need of business succession planning for your business. Please contact me at crystal@svmlawoffice.com.
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Always secure the bag,