NEWSLETTER JUNE 2022
IT'S A PAR FOUR
The other day a couple came into my office to discuss an estate plan. We sat down in the conference room and the husband blurted out that they needed a trust. Whoa! So I asked him why and his reply was that two of his golf buddies have trusts so he needs one too. Huh?
I got him calmed down and gave him some of the reasons why he might want a trust. It provides one the opportunity to:
Avoid probate which can be expensive.
Maintain privacy as to the assets that comprise your estate.
It can be changed should you desire to do so.
Makes it difficult for disgruntled heirs to attack your estate plan.
Be able to control the distribution of your property; especially, if there are minor children.
Should you move to another state, you can take it with you.
“You can create trusts within a trust for your loved ones that will be free from supervision of a probate court.
Provides one document with instructions for your care and the care of your loved ones should someone become disables.
Don’t let dollars and cents be the sole criteria to have a trust you need to sit down and figure out what your objectives are. We’ve done trust involving a couple of million dollar in assets and one as little as $160,000.00.
ASSETS MUST BE TRANSFERRED TO YOUR TRUST. It’s not worth the paper it’s printed on if it is not funded. Anything not transferred to your trust may be subject to probate. So don’t forget to tell your attorney about the summer home on Grand Lake.
“I was taught that the way of progress is neither swift nor easy.”
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