With a net worth of over Ten Billion Dollars I’m sure Donald Trump has an extensive sophisticated estate plan in place. Similarly, I’m sure Bill and Hillary have adequately planned for Chelsea’s inheritance of One Hundred Million Dollars. You’ll probably be surprised to learn that Abraham Lincoln died intestate, meaning without a Last Will.

In 1865 President Lincoln died with a net worth of $110,000. This would be roughly $1.4 million in 2016 dollars. More impressively, the President died with $38.31 in debt.

Lincoln was survived by his wife, Mary Todd Lincoln, and his two living children, Robert and Thomas. Many people assume that if they die without a Will, all of their property will go to their surviving spouse. This was not true at the time of Lincoln’s death and is not true in many jurisdictions today. Lincoln’s estate ended up being divided equally between his wife and his two children. The family agreed to this division without discord, but this is the source of strife among many family members, particularly, among second and third marriages.

David Davis was a United States Senator from Illinois and a Justice of the United States Supreme Court. He served as one of Lincoln’s campaign managers at the 1860 Republican National Convention. He was a long time friend of the Lincoln family. Justice Davis volunteered to administer Lincoln’s estate in rural Illinois. For an estate the size of Lincoln’s the customary fee at the time would have been $6,600. This amounts to $92,000 in 2016 dollars. Justice Davis waived his fee entirely, including his out of pocket expenses.

Congress voted to provide a cash donation to Mary Todd Lincoln in the amount of $25,000 ($351,000 today). The payment was made tax free to Mrs. Lincoln; she turned down other survivor benefits. Are you better prepared than Lincoln was?

Presidential Politics Is Upon Us.

Contact James A. Singler for an appointment or to set up a special presentation on this topic. Jim is a

Partner at Calfee, Halter & Griswold, LLP. He can be reached at

(513) 693-4875 or by email at jsingler@calfee.com.

Today’s laws are much more complicated than in Lincoln’s time. The

need to plan for probate avoidance, estate tax planning, income tax

planning, creditor protection, and second or third marriage situations can make it overwhelming. Calfee is able to help you meet your objectives, and give

you the stress free planning you seek.