03.31.2019

|

General News

Paula Leibovitz Goodwin was quoted in the Forbes article, "How Lee Radziwill's Estate Plan Reflected the Refined Elegance of Her Life," regarding Radziwill's multi-generation approach of her will.

“One way to pass property to your children for example and make certain it stays in the family is to do so within a trust. Trusts can last generation after generation.”

“Usually when someone makes a lifetime gift to someone in trust they will also give that person the power to dispose of the property in trust at death and sometimes during life,” explains Paula. “That power is called a power of appointment. If it is an unlimited power, it is a general power. If the power is limited in any way it is a special power of appointment.”

“It is important power to give because the next generation is unknown. The person who has the power may know that it is best to be more restrictive in giving assets to someone in the next generation or perhaps to exclude someone altogether,” says Paula.