The late Senator John McCain of Arizona appears to have taken care of his estate planning.
The money is all his wife Cindy’s, and it stays Cindy’s.
Wealth Advisor reports in its recent article, “Tradition, Money, Dynasty: Can Meghan Keep the McCain Legacy Alive?” that there are several family trusts passing Cindy’s family property down from her parents to the McCain descendants. Those trusts hold the houses, her family beer business and various assets that are worth close to $200 million.
McCain’s side of the family legacy is much less complicated. He looks to have amassed $15 million on his own or in marital property.
It will be a rather small inheritance for his heirs, compared to what they’ll inherit from Cindy. However, the big issue may be identifying those heirs who will take up his social agenda.
The four McCain children are going to be as comfortable as they need or want to be. It’s more than likely that they’re sharing in the income from their grandmother’s trust already, and one day they’ll also inherit Cindy’s wealth.
With that money in the future, the Senator’s kids are free to do whatever they want with their lives. Meghan is a television personality and a professional “next-generation Republican.” She’s female, she’s educated, telegenic and just like her father, she’s not afraid to claim a “maverick” position every once in a while.
If you’re curious about a trust for your family, talk to an experienced estate planning attorney for more information.
Reference: Wealth Advisor (August 27, 2018) “Tradition, Money, Dynasty: Can Meghan Keep the McCain Legacy Alive?”