The Probate Lawyer Blog reports that Steve McNair's widow, Mechelle McNair, is asking a court for permission to withdraw $3.72 million from frozen assets to pay the estate's estimated federal estate taxes. Steve died without a will or an estate plan that would have protected his family. Had Steve created a revocable living trust that provided for estate tax planning, his estate and family could have avoided all federal estate taxes until the death of his widow. What a shame. Not only does Mechelle lose her husband, but she and her children lose a minimum of $3.72 million that could easily have been deferred for perhaps decades.
This is a perfect example of why people need an estate plan – to protect their family in the event of death or disability. An estate plan is asset protection for your family. Do not leave your family unprotected. For more on the topic of wills, trusts and estate planning, see my Estate Plan Library.