| Another consideration for Santa's
estate plan will be caring for the hundreds of elves
that work in his shops and are apparently totally dependent
on his largess for survival. There are no known relatives
to serve as guardians in the event of Santa and Mrs.
Claus's joint demise. And even if relatives can be tracked
down, it is doubtful that they will have the wherewithal
to care for so many dependents. We might want to consider
starting a charitable organization that establishes
homes, jobs, and caretakers for these magical little
people.
Santa has also invested a lot of time, money, and
love in his wild animal preserve. Besides the normal
elk, caribou, and polar bears, Santa has successfully
bred a unique species of flying reindeer and at least
one with a light-emitting snout. It's likely that
several world zoos will be clamoring to add these
animals to their collection, but it would be advisable
for Santa and Mrs. Claus to make some of these decisions
ahead of time.
Obviously, death isn't the only concern for the Clauses.
If Santa were to be disabled by a collision with an
aircraft, a fall from his sleigh on a fast take-off,
or a gun shot wound from someone who mistakes him
as a burglar, the business could be in trouble. Mrs.
Claus has had her hands full taking care of the elves,
and hasn't had a lot of direct involvement with the
toymaking. It might be wise to pick some key elf employees
from executive management who can be trained to take
over. Perhaps an ESOP is appropriate, or a prenegotiated
buy-sell agreement. Due to his advanced age (approximately
1600), and the fact that he is overweight and smokes,
life insurance is also unlikely - but should not be
ruled out because of his overall good health and vitality.
One other issue to be considered is citizenship.
Although we think of Santa as an American icon, he
was actually born as Nicholas of Myra in Anatolia
- which is now southwestern Turkey. Rumor has it that
he met Mrs. Claus while watching the annual tree lighting
at Rockefeller Center in New York. If Mrs. Claus is
a U.S. Citizen, proper tax planning will require her
to at least prepare a Qualified Domestic Trust.
Obviously, planning for Santa and Mrs. Claus will
be a daunting task requiring the planner's best efforts.
Like Santa, we wish you a "Merry Christmas to
All", Happy Holidays, and a Happy and Prosperous
New Year.
Dan Stuenzi is an attorney and freelance marketing
copywriter from Omaha, Nebraska. For a free monthly
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