[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/why-didnt-cinderellas-dad-plan-ahead-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/why-didnt-cinderellas-dad-plan-ahead-new-york-ny-white-plains-ny\/","headline":"Why Didn\u2019t Cinderella\u2019s Dad Plan Ahead?","name":"Why Didn\u2019t Cinderella\u2019s Dad Plan Ahead?","description":"The tale might be light-hearted, but it is actually a dire position for the daughter. Proper estate planning by Cinderella\u2019s father could have created an entirely different outcome in that very famous fairy tale, according to The National Law Review in “A Cautionary Fairy-Tale\u2013If Only Cinderella\u2019s Father Had An Estate Plan“. To refresh your memory: […]","datePublished":"2019-02-12","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3e1edab.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3e1edab.jpg","height":600,"width":900},"url":"https:\/\/www.amorusolaw.com\/blog\/why-didnt-cinderellas-dad-plan-ahead-new-york-ny-white-plains-ny\/","about":["Blended Family","Estate Planning","Stepchildren \/ Stepparent","Trusts"],"wordCount":634,"keywords":["Blended Family","Estate Planning","Stepparent","Trusts"],"articleBody":" The tale might be light-hearted, but it is actually a dire position for the daughter.Proper estate planning by Cinderella\u2019s father could have created an entirely different outcome in that very famous fairy tale, according to The National Law Review in “A Cautionary Fairy-Tale\u2013If Only Cinderella\u2019s Father Had An Estate Plan“.To refresh your memory: Cinderella\u2019s mother died, her father remarried and then he died. She is basically a slave to her evil stepmother and stepsisters, in her own home.Let\u2019s start with what would happen, if there had been no estate plan. If the family lived in Arizona, half of her father\u2019s estate would go to her stepmother, and half of the estate would be given to Cinderella. As a minor, her half of the estate would be placed in an UTMA account\u2013Uniform Transfers to Minors Act. There would be a court-appointed custodian, who would be required to use these funds for her health, education, maintenance and support. The court would have likely appointed the Evil Stepmother, who would not likely have complied with the guidelines. A second option would have been for the money to be placed in a trust for Cinderella\u2019s benefit, but the Evil Stepmother would likely have been named a trustee, and that would not have worked out well either.What Cinderella\u2019s father should have done, was to create a Revocable Living Trust Agreement, stating that certain assets are the separate property of the father (Schedule A), that certain assets are the property of the Evil Stepmother (Schedule B) and that certain assets are community property of the father and the Evil Stepmother (Schedule C).A neutral successor trustee would have been named\u2014a friend, fiduciary, corporate trustee or perhaps the Fairy Godmother\u2014to oversee the trust. At the death of the father, the trust should have directed that the trust be divided into two sub-trusts, known as an A\/B split trust.The Survivor\u2019s Trust (Trust A) would have gathered all the Evil Stepmother\u2019s separate property and one half of the value of the community property assets. Trust B (The Decedent\u2019s Trust) would have all of the father\u2019s separate property, as well as half the value of the community property assets.The neutral successor trustee would either work with the Evil Stepmother or make sure that Cinderella\u2019s share of the Decedent\u2019s Trust was not being improperly depleted. At the death of the Evil Stepmother, the assets in the Decedent\u2019s Trust would go to Cinderella.Cinderella\u2019s father could have also taken out a large life insurance policy to ensure that she was cared for, with the proceeds to be distributed to an UTMA account, with a neutral custodian or to a support trust with a neutral trustee.The only way Cinderella could have recovered any assets would have been through litigation, which is the likely way this story would have turned out, if it happened today. It\u2019s not ideal, but if a child has been left with nothing but an Evil Stepmother and two nasty stepsisters, a lawsuit is a worthwhile effort to recover some assets. Assuming that the Evil Stepmother either adopted Cinderella or was appointed her guardian by the court, there would be a fiduciary obligation to protect her, and an accounting of assets at the time of her father\u2019s death would have been prepared.An estate planning attorney can advise you in creating an estate plan that fits your family\u2019s circumstances and can prevent a situation similar to the one that Cinderella faced.Reference: The National Law Review (Jan. 16, 2019) “A Cautionary Fairy-Tale\u2013If Only Cinderella\u2019s Father Had An Estate Plan“For more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Why Didn\u2019t Cinderella\u2019s Dad Plan Ahead?","item":"https:\/\/www.amorusolaw.com\/blog\/why-didnt-cinderellas-dad-plan-ahead-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]