Chapter 5 - Emily Left Lucy More Than Money
Emily had her own career.
Landscape architect.
Partner in a small design firm.
Good income.
Not generational wealth.
When she died, her estate was straightforward.
Life insurance:
$800,000.
Retirement account:
about $290,000.
Her ownership interest in the design practice was purchased by:
the other partners.
Proceeds:
$420,000.
After obligations, taxes where applicable, and planning, most of what remained went into a trust for:
Lucy.
I served as one trustee with:
Emily’s older cousin, attorney Rebecca Sloan, as independent co-trustee.
That arrangement had been:
Emily’s idea.
She loved me.
She also believed:
no parent should control a child’s entire inheritance alone.
I agreed.
Lucy’s trust was separate from:
the Bennett family trust.
Two different pools.
Two different purposes.
Vanessa hated that distinction because she believed it meant Lucy could access:
both.
She said once:
“Emily already left her plenty.”
“So?”
“So why does Dad’s trust keep paying?”
“Because Dad’s trust is also available for her.”
“That makes no sense.”
“It does if you consider her family.”
Vanessa stared.
That was the first time I recognized the real issue.
Not money.
May you like
Membership.
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