Many of us have, at times in our lives, struggled to achieve success and find meaning to our existence. For some of us, that struggle continued for years while we learned through trial and error lessons that shaped our outlook and made us the persons that we are today.
wills and trusts works very much like other forms of financial planning. It involves the preparation of a comprehensive, coordinated plan that ties together all the various aspects of your financial situation. It involves a complete inventory of your assets. This includes not only your physical property, but also need to consider your Insurance policies, your retirement funds, annuities, and any other source of income. The plan includes the selection of beneficiaries. The beneficiaries are the people that will receive your assets after your death.
I explained it is not the size or complexity of the estate that determines the use of a trust, although it is true that a larger estate will benefit more from a trust, it is the desire to take control of the estate and keep it out of court that drives this decision to the question, do I need a living trust.
In a panic this is when the business owner will become the CPA’s and Attorneys suckers. They get sucked into the so called fix, and end up in bankruptcy court or jail.
The procedure would call for her to gift the farm to a charitable remainder trust. The trust would then sell the property to the real estate developer. She should employ an estate trusts and wills to assure that the gift to the trust and the subsequent sale to the real estate developer are not construed as a pre-arranged series of transactions.
Best of all, gift items to your children/heirs while you are still alive. It will help thin out your home, leave little to fight over at the time of your death, and most importantly, you can see the joy on the recipient’s face when you hand it to them. What a great idea!
There is so much more I can write about this subject but I just wanted to give you a little taste of what it’s been like for me on the road in the past year. If your interested in hearing some more just let me know.