Who Wants To Be A Billionaire?
What do wealthy people who * Drive their own cars? * Cut their own hair? * Wear T-shirts instead of designer suits? * Spend most of their leisure time with family and friends? * Still live in the first house that they purchased? * Are fiscally responsible? have in common.
They just happen to be in the ranks of the top ten Billionaires in the United States!
There are good lessons to be learned from the mega-wealthy. One primary lesson is the conservation of capital. My educated guess would be that all of those families with uber wealth have in place the mechanisms for preserving funds for future generations. Even if you are not in the billionaire category, the preservation of your hard-earned money might be important to you and your loved ones.
Currently, there is a cornucopia of mechanisms for the transfer/distribution/allocation/preservation of assets to family, loved ones, charities, alma maters, and ‘causes’. Each year seems to produce another crop of trust fund descriptions. How does one keep up with the alternatives? How do you select the appropriate type of trust? Is one form of trust better than another? Will the trust meet the purpose for which it is designed, now and in the future?
Here are just a few types of trusts:
Revocable Living Trust
Separate Share Trust
And here come the trusts often known by their acronyms…
QTIP – nothing to do with that white cotton thingy
GRAT; CRAT; CLAT; CRUT; CLUT; GRUT; DAPT; GRIT – no I am not making these up
And more specialized trust titles…
Special Needs Trust – this trust has several variations
I could go on with more, but you are intelligent and get the idea. There are many forms of trusts.
When properly structured, trusts are powerful tools for estate and financial planning. The appropriate form of trust can protect assets under certain circumstances; cover diverse needs; are often highly specialized; might not be available in every jurisdiction. A trust is a complex legal document and should be entered into only with the help of an experienced attorney, not taken “off the shelf” or from a book or website.
Working to Preserve Your Wealth and Protect Your Future . . . in a Constantly Changing World.
This post has been brought to you by the Law Office of Barbara Ann Dalvano. This information is provided for educational purposes only and to generate ideas, provoke thought and facilitate conversation. It is not intended to create an attorney-client relationship. Each person’s situation is different and this information should not and cannot be relied upon as legal, tax, accounting or investment advice. Refer to the full Disclaimer on this site for more information.
Barbara Ann Dalvano, Esq.
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