Archive for February, 2009
Mary DuParri asked:
Anyone who has experienced a breach of trust knows the pain and confusion of trying to rebuild it. Many couples and families have experienced situations in their lives that lead to the loss of trust in someone. It can be a fairly minor incident, like a teen being late for a few too many curfews, or it can be major, like an infidelity in a relationship. The person who lied feels they can never do enough to be trusted again. The one who was lied to feels they would be foolish to become too accepting, too soon. Here are some guidelines that can help in rebuilding trust:
• Do not make excuses. Admit your responsibility. Apologize and affirm that you will not behave in the same manner again. Blaming someone else or claiming a circumstance beyond your control won’t cut it. Even if your watch did stop at 10:30 PM and you have it bagged as Exhibit A, your spouse, parent or friend is unlikely to buy that as the reason you did not show up until 3 AM.
• Do what you say will do. Even in areas that seem rather trivial, you can build trust every day by doing what you say you will do. If you say you will call if you are going to be late, call. If you say you’ll do the laundry, do it. Don’t forget. Don’t have to be reminded. Don’t say you meant to, but…. If for some good reason, you realize you will not be able to live up to your agreement, tell the other person in advance. Although they may still get upset, because they wanted you to do the laundry or call the painter or make the reservation, you still maintain trust, because you are being honest. If you wait until they are upset and confronting you, it looks like you will only be honest if you are caught.
• Expect that it will take a lot of repetitions of you following-through before the other person begins to believe in you again. How many? Probably many more than you think your transgression deserves. For, even though feelings do not repair mathematically, consider this: If you lied only once and following that told the truth nine times, to the other person you are still untruthful 10% of the time. We do not like dealing with people who may be lying to us. How do we know if this is the truthful you or the deceptive you? Do you see why it takes so many repetitions of honest behavior before the assumptions about you begin to change?
• The person who was deceived can also take a role in the rebuilding of trust. First, pay attention to the efforts of the other to now be trustworthy and make amends. Though it may seem insufficient to you, remember that they could be doing nothing and expecting you to just “get over it.” Secondly, instead of feeling a need to put your trust in them, get better at trusting yourself. Trust your own gut instincts that tell you when something is wrong. Some of our anger occurs because we felt something was wrong, but talked ourselves out of it. If your gut tells you something is not right, honor that enough to check it out.
• Living with integrity is a life choice. It is about who we are and how we choose to live, more than it is about improving our relationships. We keep our word, not because it pleases others, but because we value honesty and want our daily lives to reflect that belief. Living honestly also improves our self-worth, because we feel better about ourselves when we do what we say.
Though at first, it may seem as if a broken trust can never be repaired, people have a marvelous ability to make amends. The tough part is holding on through the rebuilding phase while consistency replaces doubt, time reduces discomfort and forgiveness replaces anger. If, despite these efforts, problems with trust and honesty persist in your family, or if anger prevents movement toward forgiveness, a consultation with a professional might help fine-tune your relationships and get you moving toward healthier communication.
Lyndon Impson
Anyone who has experienced a breach of trust knows the pain and confusion of trying to rebuild it. Many couples and families have experienced situations in their lives that lead to the loss of trust in someone. It can be a fairly minor incident, like a teen being late for a few too many curfews, or it can be major, like an infidelity in a relationship. The person who lied feels they can never do enough to be trusted again. The one who was lied to feels they would be foolish to become too accepting, too soon. Here are some guidelines that can help in rebuilding trust:
• Do not make excuses. Admit your responsibility. Apologize and affirm that you will not behave in the same manner again. Blaming someone else or claiming a circumstance beyond your control won’t cut it. Even if your watch did stop at 10:30 PM and you have it bagged as Exhibit A, your spouse, parent or friend is unlikely to buy that as the reason you did not show up until 3 AM.
• Do what you say will do. Even in areas that seem rather trivial, you can build trust every day by doing what you say you will do. If you say you will call if you are going to be late, call. If you say you’ll do the laundry, do it. Don’t forget. Don’t have to be reminded. Don’t say you meant to, but…. If for some good reason, you realize you will not be able to live up to your agreement, tell the other person in advance. Although they may still get upset, because they wanted you to do the laundry or call the painter or make the reservation, you still maintain trust, because you are being honest. If you wait until they are upset and confronting you, it looks like you will only be honest if you are caught.
• Expect that it will take a lot of repetitions of you following-through before the other person begins to believe in you again. How many? Probably many more than you think your transgression deserves. For, even though feelings do not repair mathematically, consider this: If you lied only once and following that told the truth nine times, to the other person you are still untruthful 10% of the time. We do not like dealing with people who may be lying to us. How do we know if this is the truthful you or the deceptive you? Do you see why it takes so many repetitions of honest behavior before the assumptions about you begin to change?
• The person who was deceived can also take a role in the rebuilding of trust. First, pay attention to the efforts of the other to now be trustworthy and make amends. Though it may seem insufficient to you, remember that they could be doing nothing and expecting you to just “get over it.” Secondly, instead of feeling a need to put your trust in them, get better at trusting yourself. Trust your own gut instincts that tell you when something is wrong. Some of our anger occurs because we felt something was wrong, but talked ourselves out of it. If your gut tells you something is not right, honor that enough to check it out.
• Living with integrity is a life choice. It is about who we are and how we choose to live, more than it is about improving our relationships. We keep our word, not because it pleases others, but because we value honesty and want our daily lives to reflect that belief. Living honestly also improves our self-worth, because we feel better about ourselves when we do what we say.
Though at first, it may seem as if a broken trust can never be repaired, people have a marvelous ability to make amends. The tough part is holding on through the rebuilding phase while consistency replaces doubt, time reduces discomfort and forgiveness replaces anger. If, despite these efforts, problems with trust and honesty persist in your family, or if anger prevents movement toward forgiveness, a consultation with a professional might help fine-tune your relationships and get you moving toward healthier communication.
Lyndon Impson
Denice Gierach asked:
Dollars & Sense
By Denice Gierach
As published in the Naperville Sun – July 23, 2006
“In a cat’s eye, all things belong to cats.” English proverb
“If dogs could talk, it would take a lot of the fun out of owning one.” Andy Rooney.
In our society today, so many of us live with and care for our pets. Whether they be cats or dogs, our pets have become part of our family. People take their pets with them on vacations and if they are unable to do so, many people have in home pet sitting to make sure that their pet is doing well while they are gone. Many Naperville dogs are dressed with stylish sweaters and some of the smaller dogs may be seeing the sites of Naperville in a dog stroller.
You personally may not be the type of person that would walk your dog in a dog stroller, but most people are very concerned about what happens to their pets in the event of their disability or their death. Who will care for their pets? How can they make sure that their pets are properly cared for and that the persons who will be responsible will have the funds to do that?
One of the new concepts in the estate planning area is that of Pet Trusts. Pet Trusts are currently allowed under the law in 28 states, including Illinois. Illinois has a law that allows trusts for domestic or pet animals. You can now set up a trust for the care of one or more designated animals. The trust will terminate when there is no living animal that is covered by the trust. Although many states allow the pet owner to leave any amount they wish to the pet trust, the Illinois law states that the court may reduce the amount of funds or property held in the trust if it substantially exceeds the amount required for the intended use of the funds.
You can use this trust to ensure that certain people are notified if you are disabled or upon your death so that your pet’s care will be uninterrupted. You can preselect what caretakers you would like to provide this pet care. The trust will state what your wishes are for the care of your pet, including your likes and dislikes, routines, care instructions and wishes regarding burial or cremation. The trust will be funded with an amount of money to cover these costs. The Illinois law exempts the trustee from filing any reports or accounting for the funds.
Normally, the trustee is a different person than the caretaker, as the trustee will need to pass along the balance of the funds left in the trust to another beneficiary of the pet owner as set forth in the trust, or, if none, the funds will be distributed to the heirs of the estate. Instead of leaving the balance of the trust to your heirs, this may be the time for you to be a “hero” for the less fortunate pets by leaving the balance to a quality organization such as the Naperville Area Humane Society.
Your pets and all of the pets that come through the humane societies will thank you.
Christinia Modafferi
Dollars & Sense
By Denice Gierach
As published in the Naperville Sun – July 23, 2006
“In a cat’s eye, all things belong to cats.” English proverb
“If dogs could talk, it would take a lot of the fun out of owning one.” Andy Rooney.
In our society today, so many of us live with and care for our pets. Whether they be cats or dogs, our pets have become part of our family. People take their pets with them on vacations and if they are unable to do so, many people have in home pet sitting to make sure that their pet is doing well while they are gone. Many Naperville dogs are dressed with stylish sweaters and some of the smaller dogs may be seeing the sites of Naperville in a dog stroller.
You personally may not be the type of person that would walk your dog in a dog stroller, but most people are very concerned about what happens to their pets in the event of their disability or their death. Who will care for their pets? How can they make sure that their pets are properly cared for and that the persons who will be responsible will have the funds to do that?
One of the new concepts in the estate planning area is that of Pet Trusts. Pet Trusts are currently allowed under the law in 28 states, including Illinois. Illinois has a law that allows trusts for domestic or pet animals. You can now set up a trust for the care of one or more designated animals. The trust will terminate when there is no living animal that is covered by the trust. Although many states allow the pet owner to leave any amount they wish to the pet trust, the Illinois law states that the court may reduce the amount of funds or property held in the trust if it substantially exceeds the amount required for the intended use of the funds.
You can use this trust to ensure that certain people are notified if you are disabled or upon your death so that your pet’s care will be uninterrupted. You can preselect what caretakers you would like to provide this pet care. The trust will state what your wishes are for the care of your pet, including your likes and dislikes, routines, care instructions and wishes regarding burial or cremation. The trust will be funded with an amount of money to cover these costs. The Illinois law exempts the trustee from filing any reports or accounting for the funds.
Normally, the trustee is a different person than the caretaker, as the trustee will need to pass along the balance of the funds left in the trust to another beneficiary of the pet owner as set forth in the trust, or, if none, the funds will be distributed to the heirs of the estate. Instead of leaving the balance of the trust to your heirs, this may be the time for you to be a “hero” for the less fortunate pets by leaving the balance to a quality organization such as the Naperville Area Humane Society.
Your pets and all of the pets that come through the humane societies will thank you.
Christinia Modafferi
Kris Koonar asked:
If you own property or assets of substantial value and have not yet thought about estate planning, it is time to start doing your calculations in order to put a plan in place. If you die having property, the state levies tax on your estate. As of 2007, property worth two million or above is taxed. Whoever is the recipient of your assets has to pay a hefty amount in estate taxes, which may be up to 45 percent of the value of the estate left behind by you. Thus, if you do not have an estate plan, it may lead to a considerable part of the assets you leave behind being soaked up in taxes instead of going to your loved ones.
Estate planning consists of using effective methods to ensure that the estate tax implications are minimized after you death, and that the major part of your property/assets passes effortlessly to the recipients. Forming a bypass trust can be an effective way to reduce estate tax.
This can be better understood with an example. Suppose a husband and wife, Tom and Linda, jointly possess assets worth around $4.5m. If Tom dies first, Linda gets all of the assets of Tom without having to pay any estate taxes by virtue of the provision of unlimited spousal estate tax exclusion. The assets of Linda would be valued at $4.5m thereafter. If Linda dies later, in the same year, when the estate tax rates are the same, assuming there has been no appreciation in the value of her estate, her estate tax on $4.5m would amount to $1, 905,800. Accordingly, her estate would be taxed $1,125,000 (after allowing an estate tax credit of $780,800), which her heirs would have to pay up. Since Linda availed unlimited spousal estate tax credit on the death of Tom, his estate tax credit of $780,000 stands extinguished. (The flat credit of $780,000 on estate tax liability is allowed against the exemption limit of $2m for 2007.)
Now let us see the difference if Tom and Linda had created a bypass trust through a revocable living trust (also called a family trust). A trust can be loosely defined as a legal entity capable of owning property and other assets. Every trust has a grantor, also called a creator or settler, who grants property to a trustee. The trustee cares for and uses the property for a third person or beneficiary. In a trust, a single person can take on many roles. In a revocable living trust, Tom could have been the grantor, trustee, and beneficiary, all at the same time. The trustee is bound to act in strict accordance with the terms of the trust in handling the trust property. In the event of the death of Tom, the owner, i.e. the trust, still survives. So there is no question of probate proceedings arising, and a new successor to the deceased trustee can smoothly take over.
To minimize estate tax, the revocable living trust can contain a provision that on the first death, of either Tom or Linda, a second or bypass trust would be formed. So, in the event of the death of Tom, $2m (equivalent to the estate tax credit for Tom) out of the $4.5m would be transferred to the bypass trust. In such an eventuality, the bypass trust acquires its own identity and irrevocable status, and thereafter would file its own tax returns. The assets of this bypass trust are used for the welfare, heath, upkeep, and maintenance of the surviving spouse, and after the second death, would be available for the subsequent beneficiaries.
Therefore, on the death of Tom, Linda would get the remaining $2.5m without paying any taxes, on account of the unlimited spousal estate tax exclusion. On the death of Linda, the bypass trust and Linda being separate entities, the value of the bypass trust assets would not be taken into consideration to assess the estate tax of Linda. Thus, the estate tax assessed on the estate of Linda at $2.5m, after deducting the estate tax credit of Linda, would come to just $225,000 as against $1,125,000 in the absence of a bypass trust. This is a clear saving of $900,000.
There are other types of trusts that serve the same purpose for other situations.
(All figures are approximate, and relate to 2007).
Allie Dimitry
If you own property or assets of substantial value and have not yet thought about estate planning, it is time to start doing your calculations in order to put a plan in place. If you die having property, the state levies tax on your estate. As of 2007, property worth two million or above is taxed. Whoever is the recipient of your assets has to pay a hefty amount in estate taxes, which may be up to 45 percent of the value of the estate left behind by you. Thus, if you do not have an estate plan, it may lead to a considerable part of the assets you leave behind being soaked up in taxes instead of going to your loved ones.
Estate planning consists of using effective methods to ensure that the estate tax implications are minimized after you death, and that the major part of your property/assets passes effortlessly to the recipients. Forming a bypass trust can be an effective way to reduce estate tax.
This can be better understood with an example. Suppose a husband and wife, Tom and Linda, jointly possess assets worth around $4.5m. If Tom dies first, Linda gets all of the assets of Tom without having to pay any estate taxes by virtue of the provision of unlimited spousal estate tax exclusion. The assets of Linda would be valued at $4.5m thereafter. If Linda dies later, in the same year, when the estate tax rates are the same, assuming there has been no appreciation in the value of her estate, her estate tax on $4.5m would amount to $1, 905,800. Accordingly, her estate would be taxed $1,125,000 (after allowing an estate tax credit of $780,800), which her heirs would have to pay up. Since Linda availed unlimited spousal estate tax credit on the death of Tom, his estate tax credit of $780,000 stands extinguished. (The flat credit of $780,000 on estate tax liability is allowed against the exemption limit of $2m for 2007.)
Now let us see the difference if Tom and Linda had created a bypass trust through a revocable living trust (also called a family trust). A trust can be loosely defined as a legal entity capable of owning property and other assets. Every trust has a grantor, also called a creator or settler, who grants property to a trustee. The trustee cares for and uses the property for a third person or beneficiary. In a trust, a single person can take on many roles. In a revocable living trust, Tom could have been the grantor, trustee, and beneficiary, all at the same time. The trustee is bound to act in strict accordance with the terms of the trust in handling the trust property. In the event of the death of Tom, the owner, i.e. the trust, still survives. So there is no question of probate proceedings arising, and a new successor to the deceased trustee can smoothly take over.
To minimize estate tax, the revocable living trust can contain a provision that on the first death, of either Tom or Linda, a second or bypass trust would be formed. So, in the event of the death of Tom, $2m (equivalent to the estate tax credit for Tom) out of the $4.5m would be transferred to the bypass trust. In such an eventuality, the bypass trust acquires its own identity and irrevocable status, and thereafter would file its own tax returns. The assets of this bypass trust are used for the welfare, heath, upkeep, and maintenance of the surviving spouse, and after the second death, would be available for the subsequent beneficiaries.
Therefore, on the death of Tom, Linda would get the remaining $2.5m without paying any taxes, on account of the unlimited spousal estate tax exclusion. On the death of Linda, the bypass trust and Linda being separate entities, the value of the bypass trust assets would not be taken into consideration to assess the estate tax of Linda. Thus, the estate tax assessed on the estate of Linda at $2.5m, after deducting the estate tax credit of Linda, would come to just $225,000 as against $1,125,000 in the absence of a bypass trust. This is a clear saving of $900,000.
There are other types of trusts that serve the same purpose for other situations.
(All figures are approximate, and relate to 2007).
Allie Dimitry
Arlyne Diamond asked:
In the past, we developed teams by putting people together and letting them spend time learning about each other before we charged them with completing assignments. In spite of all our best effort, some teams were more successful than others.
In order to be honest and forthcoming with others, a level of trust must exist. The less we trust, the more guarded and self-protective we become. That’s one of many reasons it’s a challenge to work effectively in teams. The challenge increases tremendously when the people involved haven’t been given the opportunity to get to know each other personally.
Today’s workplace consists of people who have never met each other working on projects. Indeed many of them live in other countries. Those that might live close to their corporate headquarters often telecommute and are rarely available for face-to-face meetings.
In addition, the team is frequently led by a project manager – who has a dotted line relationship to the others and thus very little authoritative leverage. The project manager can only manage through persuasion and negotiation – two methods requiring a high level of trust.
Trust is not easy to develop in the best of circumstances – when working with distant teams the problems increase tremendously.
Professor Larry Leifer at Stanford University discovered that when he had students working in teams from different locations members, complained that they were doing more work than other teammates. When camcorders were placed in their cubicles so that they could see each other at work, the complaints diminished considerably. Apparently, the very act of seeing someone situated at their keyboard increased the belief that they were working hard.
Visual clues are critically important. The more contact we have with another human being (assuming that they are basically trustworthy), the easier it is to trust them. One could even hypothesize that at some unconscious level, our sense of smell plays a part in what has to be seen as primarily an emotionally (psychologically) based decision.
Sound or voice quality is less effective than visual clues. When we know someone only due to our telephone interaction with them, we develop less personal or positive feelings than when we actually sit across the table from them.
We also have the variable of “low-context” and “high-context” cultures. Low context cultures are those in which business is conducted without developing personal relationships. This is akin to our decision to buy something from a discount or big box store. High context cultures are those in which relationships are developed long before the business discussions commence. You might relate this to your decision to work with a consultant, or a decorator, or even shopping regularly in a small private boutique store. This adds another dimension to the problems of building trust between people here in the states and their counterparts in Asia or other parts of the world.
Given these problems, here are my top seven tips to developing trust in distant teams:
1. Allow members of the team to take the time to get to know each other on a somewhat personal level.
2. Have in-house discussions, at all locations, about what is proper to ask and discuss and what crosses the line into intrusive or inappropriate.
3. Share pictures – not only of the staff, but also of their families. Most people are family-oriented and grow to like (and trust) each other when they start to see pictures of their children and to hear stories about them.
4. Send your managers to the locations of their team members whenever possible. Although this is an expense, the potential value in developing trust, respect, and therefore greater levels of understanding and productivity is immeasurable.
5. Teach cultural diversity. Let the people in the various locations around the world learn as much as possible about the behaviors, customs, and expectations of those in other areas with whom they work.
6. If you have telecommuters who can be brought into the office once or twice a month, be sure to have as many face-to-face meetings as possible with them.
7. Use videoconferences and video-cams where feasible.
In other words, break some of the old rules that demand full focus on work related conversations only. Take the time and create the structure that enables people to develop relationships that lead to trust. This leads to cooperation, understanding, and higher productivity and creativity.
Maxie Stanko
In the past, we developed teams by putting people together and letting them spend time learning about each other before we charged them with completing assignments. In spite of all our best effort, some teams were more successful than others.
In order to be honest and forthcoming with others, a level of trust must exist. The less we trust, the more guarded and self-protective we become. That’s one of many reasons it’s a challenge to work effectively in teams. The challenge increases tremendously when the people involved haven’t been given the opportunity to get to know each other personally.
Today’s workplace consists of people who have never met each other working on projects. Indeed many of them live in other countries. Those that might live close to their corporate headquarters often telecommute and are rarely available for face-to-face meetings.
In addition, the team is frequently led by a project manager – who has a dotted line relationship to the others and thus very little authoritative leverage. The project manager can only manage through persuasion and negotiation – two methods requiring a high level of trust.
Trust is not easy to develop in the best of circumstances – when working with distant teams the problems increase tremendously.
Professor Larry Leifer at Stanford University discovered that when he had students working in teams from different locations members, complained that they were doing more work than other teammates. When camcorders were placed in their cubicles so that they could see each other at work, the complaints diminished considerably. Apparently, the very act of seeing someone situated at their keyboard increased the belief that they were working hard.
Visual clues are critically important. The more contact we have with another human being (assuming that they are basically trustworthy), the easier it is to trust them. One could even hypothesize that at some unconscious level, our sense of smell plays a part in what has to be seen as primarily an emotionally (psychologically) based decision.
Sound or voice quality is less effective than visual clues. When we know someone only due to our telephone interaction with them, we develop less personal or positive feelings than when we actually sit across the table from them.
We also have the variable of “low-context” and “high-context” cultures. Low context cultures are those in which business is conducted without developing personal relationships. This is akin to our decision to buy something from a discount or big box store. High context cultures are those in which relationships are developed long before the business discussions commence. You might relate this to your decision to work with a consultant, or a decorator, or even shopping regularly in a small private boutique store. This adds another dimension to the problems of building trust between people here in the states and their counterparts in Asia or other parts of the world.
Given these problems, here are my top seven tips to developing trust in distant teams:
1. Allow members of the team to take the time to get to know each other on a somewhat personal level.
2. Have in-house discussions, at all locations, about what is proper to ask and discuss and what crosses the line into intrusive or inappropriate.
3. Share pictures – not only of the staff, but also of their families. Most people are family-oriented and grow to like (and trust) each other when they start to see pictures of their children and to hear stories about them.
4. Send your managers to the locations of their team members whenever possible. Although this is an expense, the potential value in developing trust, respect, and therefore greater levels of understanding and productivity is immeasurable.
5. Teach cultural diversity. Let the people in the various locations around the world learn as much as possible about the behaviors, customs, and expectations of those in other areas with whom they work.
6. If you have telecommuters who can be brought into the office once or twice a month, be sure to have as many face-to-face meetings as possible with them.
7. Use videoconferences and video-cams where feasible.
In other words, break some of the old rules that demand full focus on work related conversations only. Take the time and create the structure that enables people to develop relationships that lead to trust. This leads to cooperation, understanding, and higher productivity and creativity.
Maxie Stanko
Rocco Beatrice asked:
Your Federal Government has mandated (as of June 30, 2006) that before you qualify for nursing home care, you must spend-down all of your assets. These restrictive new rules are designed to impoverish the healthy spouse. They have mandated a 5 year look-back, that means you better have done something to protect your assets 5 years before you become sick.
Without careful attention your accumulated wealth can disappear before your very eyes, because you were unlucky in your health. If either you or your spouse get sick, before you can ask for any government assistance, you must spend all of your accumulated wealth, leaving your healthy spouse without any resources to keep on living the lifestyle you and your spouse are normally accustomed to.
Good health, although very important and a blessing, cannot be relied upon as we all know no one can predict the future. But you can do something about this now to ensure that your wealth is limited to how much the government can expect from you.
There is a method to insulate your assets from the nursing home mandated spend-down. So what is this secret, you ask? Simple. It’s called an irrevocable trust.
So what is an irrevocable trust? An irrevocable trust can reposition your assets to allow you control and limit the amount that can be demanded Of the nursing home spend-down mandate to reduce your hard-earned wealth. Assets that qualify for repositioning are your primary residence, your vacation spot, your CD’s, your stocks, bonds, and other investments.
By “repositioning your assets” (transferring your assets) to an irrevocable trust you legally no longer own the assets, therefore no one can demand or sue you for those assets. Even more important, if you no longer own your assets you don’t qualify for the expensive probate process and you do not have to pay estate taxes.
Moreover, if you have a will, “your will” won’t protect your assets from the nursing home spend-down, it will not avoid probate and it will not avoid taxes on your estate. So, in essence, an irrevocable trust is ideal in many instances.
A solid, personally developed and well-planned irrevocable trust by a team of competent professionals such as accountants, lawyers and financial planners can avoid these more than mere unpleasant events. It can literally save you and your family’s fortunes and life-savings.
Stanley Duley
Your Federal Government has mandated (as of June 30, 2006) that before you qualify for nursing home care, you must spend-down all of your assets. These restrictive new rules are designed to impoverish the healthy spouse. They have mandated a 5 year look-back, that means you better have done something to protect your assets 5 years before you become sick.
Without careful attention your accumulated wealth can disappear before your very eyes, because you were unlucky in your health. If either you or your spouse get sick, before you can ask for any government assistance, you must spend all of your accumulated wealth, leaving your healthy spouse without any resources to keep on living the lifestyle you and your spouse are normally accustomed to.
Good health, although very important and a blessing, cannot be relied upon as we all know no one can predict the future. But you can do something about this now to ensure that your wealth is limited to how much the government can expect from you.
There is a method to insulate your assets from the nursing home mandated spend-down. So what is this secret, you ask? Simple. It’s called an irrevocable trust.
So what is an irrevocable trust? An irrevocable trust can reposition your assets to allow you control and limit the amount that can be demanded Of the nursing home spend-down mandate to reduce your hard-earned wealth. Assets that qualify for repositioning are your primary residence, your vacation spot, your CD’s, your stocks, bonds, and other investments.
By “repositioning your assets” (transferring your assets) to an irrevocable trust you legally no longer own the assets, therefore no one can demand or sue you for those assets. Even more important, if you no longer own your assets you don’t qualify for the expensive probate process and you do not have to pay estate taxes.
Moreover, if you have a will, “your will” won’t protect your assets from the nursing home spend-down, it will not avoid probate and it will not avoid taxes on your estate. So, in essence, an irrevocable trust is ideal in many instances.
A solid, personally developed and well-planned irrevocable trust by a team of competent professionals such as accountants, lawyers and financial planners can avoid these more than mere unpleasant events. It can literally save you and your family’s fortunes and life-savings.
Stanley Duley
Steven W Allen asked:
A living trust will not only protect your loved ones from difficult, costly and time-consuming legal procedures like probate, it may even protect you from the similar legal issues during your own lifetime. A living trust can be used in case of your incapacitation, whether it is temporary or permanent. It is a legal document that can be put to good use during serious illness, not just in the case of death.
What Could Happen Without a Living Trust?
If you are ever involved in an accident or a sudden on-set debilitating illness, you may not be able to speak for yourself or take care of your own financial affairs. Another person, who realizes that you are in this condition, may take it upon himself or herself to take care of your financial interests. By petitioning the court, without any objections, this person could be named conservator of your financial and health decisions. You are particularly at risk for situations like this if family members are not nearby.
In this type of situation, your entire assets will be available to and at the whim of another person, not of your choosing. A living trust can prevent this.
You can appoint a trustee to look after your assets and health care decisions and make sure that the proper safeguards and conditions are in place. Without a structured living trust, your assets are at risk.
Someone who has been named your conservator could:
- Sell off your assets
- Make medical decisions on your behalf
- Purchase things in your name
- Transfer money indiscriminately
- Damage your credit
- Make your life miserable
Once a conservator status has been legally given by a judge, it is very difficult, costly and time-consuming to revoke. Unless you can clearly prove that you have indeed improved to the point of being able to take over your finances again, and without question, the conservator status may not be waived.
Delaying Estate Planning is Natural
Since no one likes to admit that death could happen at any time, we often procrastinate when it comes to final arrangements like wills, estate planning and living trusts. However, it is not just death that could cause a living trust to be activated. This document can also protect you from unscrupulous individuals at a time when you are most vulnerable.
Don’t delay another day. Pick up the phone and arrange to meet with an expert estate planning attorney to put a living trust in place for your well-being and that of your heirs. The sense of peace that this single document inspires is a benefit to enjoy while you are healthy and able.
Monty Dunavant
A living trust will not only protect your loved ones from difficult, costly and time-consuming legal procedures like probate, it may even protect you from the similar legal issues during your own lifetime. A living trust can be used in case of your incapacitation, whether it is temporary or permanent. It is a legal document that can be put to good use during serious illness, not just in the case of death.
What Could Happen Without a Living Trust?
If you are ever involved in an accident or a sudden on-set debilitating illness, you may not be able to speak for yourself or take care of your own financial affairs. Another person, who realizes that you are in this condition, may take it upon himself or herself to take care of your financial interests. By petitioning the court, without any objections, this person could be named conservator of your financial and health decisions. You are particularly at risk for situations like this if family members are not nearby.
In this type of situation, your entire assets will be available to and at the whim of another person, not of your choosing. A living trust can prevent this.
You can appoint a trustee to look after your assets and health care decisions and make sure that the proper safeguards and conditions are in place. Without a structured living trust, your assets are at risk.
Someone who has been named your conservator could:
- Sell off your assets
- Make medical decisions on your behalf
- Purchase things in your name
- Transfer money indiscriminately
- Damage your credit
- Make your life miserable
Once a conservator status has been legally given by a judge, it is very difficult, costly and time-consuming to revoke. Unless you can clearly prove that you have indeed improved to the point of being able to take over your finances again, and without question, the conservator status may not be waived.
Delaying Estate Planning is Natural
Since no one likes to admit that death could happen at any time, we often procrastinate when it comes to final arrangements like wills, estate planning and living trusts. However, it is not just death that could cause a living trust to be activated. This document can also protect you from unscrupulous individuals at a time when you are most vulnerable.
Don’t delay another day. Pick up the phone and arrange to meet with an expert estate planning attorney to put a living trust in place for your well-being and that of your heirs. The sense of peace that this single document inspires is a benefit to enjoy while you are healthy and able.
Monty Dunavant
Dr Mike Shery asked:
It is your life we are talking about. And your spouses. And your kids. Take every necessary step to find the right counselor for your needs.
It can be very hard to do this, though, because of all the overwhelming ads and the multiple types of professionals soliciting, such as psychologists,social workers,mental health counselors etc. But, the fact of the matter is that you can find the right marriage counselor and many of them are very good.
Believe it or not, most of them, as their primary motivation, actually want to help you. Here are some of the things to look for in your psychologist, therapist or marriage counselor. Just take these steps to find the perfect counselor for you.
Find a therapist that does mostly marriage or family counseling. This is important. You will want someone who not only knows expert counseling methods, but also one who will have experience in dealing with problems similar to yours. This simple principle can really make a large difference.
Many counselors have one or two particular areas of expertise and do other things as well. If you find one who works mainly in marriage or family counseling, you are likely to be able to count on him/her to know more about how to solve your problems than someone who works mainly with adolescents, for example.
To find a counselor that you can trust, look towards the American Psychological Association, the Illinois Psychological Association or the Illinois chapters of the Mental Health Counselors Association or the National Association of Social Workers for recommendations.
It helps to know that someone knowledgeable is recommending the one that you are choosing. If you feel that you can, ask friends and family about their
recommendations as well.
Once you find a few names to consider, make sure that you know about them. Ask about their relevant experience for cases like yours.
While this will not tell you whether your marriage counselor will be successful with you and your spouse, it is safe to say that it will give you some idea of his or her skill level.
Consider how well the counselor will be dedicated to you and your spouses problems. You can judge this by what he or she tells you and by how well he or she works with you. Does s/he accept your health insurance? Are your calls returned promptly? Can you trust that your sessions will start on time?
Ask them how many other cases similar to yours that they are handling at the time. You need to know their dedication and expertise regarding your personal needs.
Perform an interview with the counselor. Ask the questions discussed previously. If at all possible make it an in person interview. This will help you to get a feeling for the counselor.
Ask about his/her therapeutic techniques. An experienced marriage counselor should be able to tell you what methods are used and what distinct stages occur in the marriage counseling process.
Is it important to compare fees. Maybe. Maybe not. If your therapist does psychological counseling regarding marital issues and, if s/he accepts your insurance, youll only have to make the co-pay at each visit (it often ranges between $0 to $70 a visit depending on your policy); your insurance will cover the rest.
However, if your marriage counselor doesn’t do psychological counseling during your visit, your insurance won’t cover any of it. Out-of-pocket fees can then range from $80 to $150 a visit. Whether the therapist does psychological counseling and not only marriage counseling can be a technical question, so be sure to ask.
Lastly, it is important to choose a therapist that you trust. If you do not feel comfortable with a therapist, you shouldn’t work with him/her. It makes sense that you and your spouse should be able to talk with him/her easily and discuss all the specific details of your problems.
You should feel comfortable providing him/her with what is needed. Trusting your counselor will go a long way to helping you relax and relieve some of your stress.
The perfect marriage counselor? Is there really one out there? Who knows, but there is definitely one therapist with whom you can feel comfortable and at ease. When you take the time to make sure that the counselor that you have chosen is a good one, you can be sure that the future of your marriage or family is in capable hands.
Aimee
It is your life we are talking about. And your spouses. And your kids. Take every necessary step to find the right counselor for your needs.
It can be very hard to do this, though, because of all the overwhelming ads and the multiple types of professionals soliciting, such as psychologists,social workers,mental health counselors etc. But, the fact of the matter is that you can find the right marriage counselor and many of them are very good.
Believe it or not, most of them, as their primary motivation, actually want to help you. Here are some of the things to look for in your psychologist, therapist or marriage counselor. Just take these steps to find the perfect counselor for you.
Find a therapist that does mostly marriage or family counseling. This is important. You will want someone who not only knows expert counseling methods, but also one who will have experience in dealing with problems similar to yours. This simple principle can really make a large difference.
Many counselors have one or two particular areas of expertise and do other things as well. If you find one who works mainly in marriage or family counseling, you are likely to be able to count on him/her to know more about how to solve your problems than someone who works mainly with adolescents, for example.
To find a counselor that you can trust, look towards the American Psychological Association, the Illinois Psychological Association or the Illinois chapters of the Mental Health Counselors Association or the National Association of Social Workers for recommendations.
It helps to know that someone knowledgeable is recommending the one that you are choosing. If you feel that you can, ask friends and family about their
recommendations as well.
Once you find a few names to consider, make sure that you know about them. Ask about their relevant experience for cases like yours.
While this will not tell you whether your marriage counselor will be successful with you and your spouse, it is safe to say that it will give you some idea of his or her skill level.
Consider how well the counselor will be dedicated to you and your spouses problems. You can judge this by what he or she tells you and by how well he or she works with you. Does s/he accept your health insurance? Are your calls returned promptly? Can you trust that your sessions will start on time?
Ask them how many other cases similar to yours that they are handling at the time. You need to know their dedication and expertise regarding your personal needs.
Perform an interview with the counselor. Ask the questions discussed previously. If at all possible make it an in person interview. This will help you to get a feeling for the counselor.
Ask about his/her therapeutic techniques. An experienced marriage counselor should be able to tell you what methods are used and what distinct stages occur in the marriage counseling process.
Is it important to compare fees. Maybe. Maybe not. If your therapist does psychological counseling regarding marital issues and, if s/he accepts your insurance, youll only have to make the co-pay at each visit (it often ranges between $0 to $70 a visit depending on your policy); your insurance will cover the rest.
However, if your marriage counselor doesn’t do psychological counseling during your visit, your insurance won’t cover any of it. Out-of-pocket fees can then range from $80 to $150 a visit. Whether the therapist does psychological counseling and not only marriage counseling can be a technical question, so be sure to ask.
Lastly, it is important to choose a therapist that you trust. If you do not feel comfortable with a therapist, you shouldn’t work with him/her. It makes sense that you and your spouse should be able to talk with him/her easily and discuss all the specific details of your problems.
You should feel comfortable providing him/her with what is needed. Trusting your counselor will go a long way to helping you relax and relieve some of your stress.
The perfect marriage counselor? Is there really one out there? Who knows, but there is definitely one therapist with whom you can feel comfortable and at ease. When you take the time to make sure that the counselor that you have chosen is a good one, you can be sure that the future of your marriage or family is in capable hands.
Aimee
Nick Nikolis asked:
Family vacation can be one of the great moments of life. Traveling with kids can be a wonderful and sensual personal experience. We can explore once more again our emotions and needs and find again what the routine of daily life takes away from us.
Thinking of finding a resort for family holidays we have to take under consideration not only our needs but our childrens needs as well and for sure we have to consider that there are many factors that can influence our decision.
Time along with the weather is the first factors where we have to choose between winter and summer resort destinations. Of course if we are not rich we have to take into consideration our money limitations. Family vacations could be very expensive depending the age of our children type of accommodation or distance from our place.
If we are funds of a specific sport then our decision could be narrowed to resorts offering these specific sport activities.
There are two options when you plan your holidays. In depended travel and package holidays through a tour operator. Both options have good and bad points. Experienced travelers may choose to plan their vacations by them self and a great tool for helping them is Internet where you can find almost everything about the destination accommodation etc.
If you are between these people that wants to plan their vacations alone without the help of a travel agency or tour operator, through internet a good way is to search and visit first big hotel chains that offer accommodation and lodging services.
These hotels describe in their websites all features of each hotel and resort and they give valuable information to travelers about the area weather and other factors. They can help you determine how your needs and your children needs fulfilled and where you can stay to enjoy what you dream of a holiday.
So a good idea instead of first choosing a destination you may choose the hotel company you can trust for their services the type of accommodation, the resort activities and then you will see how the specific hotel can meet all your requirements.
As a Greek living and work in Greece for a Cypriot company I could recommend a Hotel chain presently having activities only in Cyprus and Greece but in the future on more destinations in Europe offering exceptional tourist facilities for any kind of traveler.
Of course I would recommend as well Greece or Cyprus as a family vacation destination in Europe due to the nice weather all year long and the huge number of beaches and sport facilities.
The type of the hotel that may fulfill almost all childrens need is the type that is called club Hotels. These hotels are designed for family vacations and they features animation programs all day long, pools, playgrounds, childrens TV channels, games, entertainers, dances, staff to keep your children safe and busy and many other.
So ending this article I would say stay tuned with internet, search hotels of the country you are interested in as a destination and leave these hotel professionals guide you finding the vacation of your dream.
Choose a company that has high standard of operation and excellent on all fields and has a good reputation in the tourist industry. Finally I wish you and I am sure if you follow these advices you will have incredible holidays for your self and your family.
Ivy Lane
Family vacation can be one of the great moments of life. Traveling with kids can be a wonderful and sensual personal experience. We can explore once more again our emotions and needs and find again what the routine of daily life takes away from us.
Thinking of finding a resort for family holidays we have to take under consideration not only our needs but our childrens needs as well and for sure we have to consider that there are many factors that can influence our decision.
Time along with the weather is the first factors where we have to choose between winter and summer resort destinations. Of course if we are not rich we have to take into consideration our money limitations. Family vacations could be very expensive depending the age of our children type of accommodation or distance from our place.
If we are funds of a specific sport then our decision could be narrowed to resorts offering these specific sport activities.
There are two options when you plan your holidays. In depended travel and package holidays through a tour operator. Both options have good and bad points. Experienced travelers may choose to plan their vacations by them self and a great tool for helping them is Internet where you can find almost everything about the destination accommodation etc.
If you are between these people that wants to plan their vacations alone without the help of a travel agency or tour operator, through internet a good way is to search and visit first big hotel chains that offer accommodation and lodging services.
These hotels describe in their websites all features of each hotel and resort and they give valuable information to travelers about the area weather and other factors. They can help you determine how your needs and your children needs fulfilled and where you can stay to enjoy what you dream of a holiday.
So a good idea instead of first choosing a destination you may choose the hotel company you can trust for their services the type of accommodation, the resort activities and then you will see how the specific hotel can meet all your requirements.
As a Greek living and work in Greece for a Cypriot company I could recommend a Hotel chain presently having activities only in Cyprus and Greece but in the future on more destinations in Europe offering exceptional tourist facilities for any kind of traveler.
Of course I would recommend as well Greece or Cyprus as a family vacation destination in Europe due to the nice weather all year long and the huge number of beaches and sport facilities.
The type of the hotel that may fulfill almost all childrens need is the type that is called club Hotels. These hotels are designed for family vacations and they features animation programs all day long, pools, playgrounds, childrens TV channels, games, entertainers, dances, staff to keep your children safe and busy and many other.
So ending this article I would say stay tuned with internet, search hotels of the country you are interested in as a destination and leave these hotel professionals guide you finding the vacation of your dream.
Choose a company that has high standard of operation and excellent on all fields and has a good reputation in the tourist industry. Finally I wish you and I am sure if you follow these advices you will have incredible holidays for your self and your family.
Ivy Lane
Martin Petroff asked:
Pooled Income Trusts and Medicaid Home Care
Disabled persons of any age receiving community Medicaid services – including home care, adult-day care and prescription drugs – are now able to use virtually all of their income to pay for their living expenses by participating in a pooled-income trust. It is no longer necessary for consumers to contribute their “excess” income to the Medicaid system as a “spend-down.” The pooled trust is proving to be a popular planning tool for persons in need of long-term health-care services for whom the excess-income option did not work because it would not allow them sufficient money to live in the community and qualify for Medicaid. The program works as follows:
• Suppose Mr. Smith has a monthly income of $1,745 in Social Security and pension income and is utilizing Medicaid home care and adult day-care services. Under present (2007) Medicaid guidelines he is only allowed to keep $745 of that income.
• Currently his monthly surplus is $1,000 ($1,745 – $745 = $1,000). He is sending a check each month for that amount to the appropriate health-care provider as a contribution toward the cost of his care.
• After Mr. Smith joins the pooled-income trust his $1,000 check will be sent to the trust office. He will keep $720 as he does now. Mr. Smith’s expenses for rent, food, utilities, clothing, etc. will be paid by the trust according to instructions from Mr. Smith or his representative. Mr. Smith’s Medicaid services will not be affected.The pooled-income trust contains the assets of a number of disabled individuals and is managed by a non-profit organization that maintains separate accounts for each individual. It is effectively a supplemental-needs trust that receives the beneficiary’s monthly income and redistributes it on his behalf as directed by the beneficiary or his representative. Generally, consumers of any age (including those age sixty-five or older) who wish to establish pooled-trust accounts are required to have a disability evaluation as part of the eligibility determination process unless they have already been determined disabled by the Social Security Administration. Consumers under sixty-five who have received either a Social Security disability finding or a Group 1 Disability Approval from Medicaid are also not required to have another disability review but must provide documentation of disability findings.For those whose disability has not yet been established, Medicaid will make the determination on the basis of completed and signed forms LDSS-1151, DSS-486T and MAP-252F.In order for a person to participate in the trust, a joinder agreement between the beneficiary and the trust must be completed. The agreement must be signed by the disabled individual (who must have capacity), or by a parent, grandparent, guardian or a person acting under a durable power-of-attorney (with specific authority for joining a pooled trust), or the agreement must be approved by the court. To initiate the process of conserving his “excess” income the individual beneficiary should deposit into his separate trust account the equivalent of two months’ excess income (one month as a deposit and the other as working capital).While there are no restrictions attached to the establishment or addition of funds to an already-established pooled trust by an individual under sixty-five, there are restrictions on the transfer of funds into a pooled trust by an individual sixty-five or older. If a disabled individual either first establishes or adds funds to an already existing pooled trust after he turns sixty-five that transfer of assets is subject to the appropriate penalty period for Medicaid coverage of nursing facility services. Please see the article on Medicaid Update – The Good News.
All pooled-income trust cases must be reviewed by government attorneys before a final determination of eligibility is made. Before proceeding with the pooled-income trust, individuals and their families are strongly encouraged to consult with an attorney who has knowledge of and experience in planning for long-term-care needs.
Ian Gotts
Pooled Income Trusts and Medicaid Home Care
Disabled persons of any age receiving community Medicaid services – including home care, adult-day care and prescription drugs – are now able to use virtually all of their income to pay for their living expenses by participating in a pooled-income trust. It is no longer necessary for consumers to contribute their “excess” income to the Medicaid system as a “spend-down.” The pooled trust is proving to be a popular planning tool for persons in need of long-term health-care services for whom the excess-income option did not work because it would not allow them sufficient money to live in the community and qualify for Medicaid. The program works as follows:
• Suppose Mr. Smith has a monthly income of $1,745 in Social Security and pension income and is utilizing Medicaid home care and adult day-care services. Under present (2007) Medicaid guidelines he is only allowed to keep $745 of that income.
• Currently his monthly surplus is $1,000 ($1,745 – $745 = $1,000). He is sending a check each month for that amount to the appropriate health-care provider as a contribution toward the cost of his care.
• After Mr. Smith joins the pooled-income trust his $1,000 check will be sent to the trust office. He will keep $720 as he does now. Mr. Smith’s expenses for rent, food, utilities, clothing, etc. will be paid by the trust according to instructions from Mr. Smith or his representative. Mr. Smith’s Medicaid services will not be affected.The pooled-income trust contains the assets of a number of disabled individuals and is managed by a non-profit organization that maintains separate accounts for each individual. It is effectively a supplemental-needs trust that receives the beneficiary’s monthly income and redistributes it on his behalf as directed by the beneficiary or his representative. Generally, consumers of any age (including those age sixty-five or older) who wish to establish pooled-trust accounts are required to have a disability evaluation as part of the eligibility determination process unless they have already been determined disabled by the Social Security Administration. Consumers under sixty-five who have received either a Social Security disability finding or a Group 1 Disability Approval from Medicaid are also not required to have another disability review but must provide documentation of disability findings.For those whose disability has not yet been established, Medicaid will make the determination on the basis of completed and signed forms LDSS-1151, DSS-486T and MAP-252F.In order for a person to participate in the trust, a joinder agreement between the beneficiary and the trust must be completed. The agreement must be signed by the disabled individual (who must have capacity), or by a parent, grandparent, guardian or a person acting under a durable power-of-attorney (with specific authority for joining a pooled trust), or the agreement must be approved by the court. To initiate the process of conserving his “excess” income the individual beneficiary should deposit into his separate trust account the equivalent of two months’ excess income (one month as a deposit and the other as working capital).While there are no restrictions attached to the establishment or addition of funds to an already-established pooled trust by an individual under sixty-five, there are restrictions on the transfer of funds into a pooled trust by an individual sixty-five or older. If a disabled individual either first establishes or adds funds to an already existing pooled trust after he turns sixty-five that transfer of assets is subject to the appropriate penalty period for Medicaid coverage of nursing facility services. Please see the article on Medicaid Update – The Good News.
All pooled-income trust cases must be reviewed by government attorneys before a final determination of eligibility is made. Before proceeding with the pooled-income trust, individuals and their families are strongly encouraged to consult with an attorney who has knowledge of and experience in planning for long-term-care needs.
Ian Gotts
Daniela Lungu asked:
DO I NEED A TRUST??
By: Daniela Lungu
Most people when faced with this question, or whether they have an “estate” get a blank look in their eyes, and say no, but would be surprised to learn that they do have an estate and would benefit from this important service.
General Rule: If you have an estate valued at over $100,000 you should have a trust.
“Estate” Includes:
Value of all Real Property Interests Time Shares Boats, Cars, Other Personal Recreational Vehicles Business interests including partnerships, sole proprietorships, corporations, LLP and LLC interests Value of all Brokerage, Corporate Stocks, Corporate Bonds, Mutual Funds, Treasury Bills, and Savings Bonds Retirement Assets including: IRA, Keogh, 401(k), 403(b)Qualified Plan, Employer Plan, Deferred Comp, Annuity, Pension Plan, Roth IRA, Value of all Insurance Policies – Whole and Term Amounts in Checking, Savings, CD’s, Money Market Accounts Value of Notes and Deeds of Trust All other personal property including clothing, furnishings and other household goods.
Reasons for Planning:
Avoiding probate Minimizing estate taxes Self-directed distribution of wealth to heirs Proactive management of health and assets in the event of incapacity.
If you have considered any form of planning for the future, now is the time to speak with an Estate Planning Attorney to incorporate a Living Trust into your plan. Living Trusts allow you to control the transfer of your property and assets to your intended beneficiaries, assist in planning with significant tax advantages, and more. Using a properly prepared and funded Living Trust ensures that your beneficiaries can avoid the unpleasant and lengthy task of probate, which often fractures family relationships.
The preceding should not be considered tax or legal advice. Please consult with your financial and legal advisors for information appropriate to your specific circumstances.
Margarito Rhone
DO I NEED A TRUST??
By: Daniela Lungu
Most people when faced with this question, or whether they have an “estate” get a blank look in their eyes, and say no, but would be surprised to learn that they do have an estate and would benefit from this important service.
General Rule: If you have an estate valued at over $100,000 you should have a trust.
“Estate” Includes:
Value of all Real Property Interests Time Shares Boats, Cars, Other Personal Recreational Vehicles Business interests including partnerships, sole proprietorships, corporations, LLP and LLC interests Value of all Brokerage, Corporate Stocks, Corporate Bonds, Mutual Funds, Treasury Bills, and Savings Bonds Retirement Assets including: IRA, Keogh, 401(k), 403(b)Qualified Plan, Employer Plan, Deferred Comp, Annuity, Pension Plan, Roth IRA, Value of all Insurance Policies – Whole and Term Amounts in Checking, Savings, CD’s, Money Market Accounts Value of Notes and Deeds of Trust All other personal property including clothing, furnishings and other household goods.
Reasons for Planning:
Avoiding probate Minimizing estate taxes Self-directed distribution of wealth to heirs Proactive management of health and assets in the event of incapacity.
If you have considered any form of planning for the future, now is the time to speak with an Estate Planning Attorney to incorporate a Living Trust into your plan. Living Trusts allow you to control the transfer of your property and assets to your intended beneficiaries, assist in planning with significant tax advantages, and more. Using a properly prepared and funded Living Trust ensures that your beneficiaries can avoid the unpleasant and lengthy task of probate, which often fractures family relationships.
The preceding should not be considered tax or legal advice. Please consult with your financial and legal advisors for information appropriate to your specific circumstances.
Margarito Rhone