I hope your year has gotten off to a great start. My clients and I celebrated the end of 2018 and kicked off the new year with a party at the Southfield Skyline Club in January where we shared a great meal, cocktails and our 2019 Vision Boards. It was so wonderful to hear all their dreams and aspirations for both their business as well as personal life. Truly inspirational!
A few of them had an important goal to establish a Trust Agreement/Estate Plan. Whether you have lots of money or are just starting to save, this is a critical legal document you must have if you want to control what happens when you leave this world. I know it’s not a comfortable subject, but it’s especially important for business owners who need to think about how to protect their family, employees, vendors etc. if the unthinkable happens.
If you haven’t established a trust, I encourage you to read this brief article today, 3 Ways a Trust can Protect your Family, written by Terri North, my own Estate Attorney. There’s also a link to receive a free consultation if you have any questions.
I’ve heard too many stories about business people who left no instructions when they passed, forcing their spouses to deal with the financial and operational stress of trying to pick up the pieces and protect their family. This is your chance to be proactive and take action.
3 Ways a Trust can Protect your Family
By Terri North, Legal Strategies
Accordingly to a recent article from Merrill Lynch, many people still believe that a trust is only for the very wealthy. On the contrary, a trust allows someone of even modest means to ensure that his money is distributed as he wishes after his death. Merrill Lynch points out the three benefits of a trust:
More Control. A trust can set rules or conditions about when and how money is released. For example, you can establish a trust that sets a specific age or a milestone, such as graduating from college, as a condition for an inheritance to be paid.
Protection. A trust can make sure that your children, or their children, will receive their inheritance even if you divorce or remarry. It can also help shield assets if your heirs divorce or are in a profession with a high risk of litigation.
Investment Guidance. A trust allows you to appoint a professional trustee to handle a family business or investment properties so that your heirs are protected from making mistakes due to inexperience. The trustee can also manage assets for younger heirs until they reach a suitable age to make their own decisions.
If you are new to estate planning and not sure where to start, contact us today for a free consultation.