While this question may not rise to the level of gravity contemplated by Hamlet in his famous Shakespearian soliloquy, it nonetheless should be given serious consideration by anyone in a position to make such an election. The 83(b) election is a provision under the Internal Revenue Code (IRC) that gives an employee, or startup founder, the option to pay taxes on the total fair market value of restricted stock at the time of granting.
There is a common misconception that if you have executed a Last Will and Testament, probate will not be required to transfer your assets to your intended beneficiaries upon your death. Unfortunately, this is not the case. In fact, a Last Will and Testament requires that the probate of your estate occurs upon your death in order for that to happen.
While a child brings so much joy to your life, a child also comes with serious and complex financial concerns. This is especially true with a special needs child where the costs of necessary medical care may be significant.