TODAYS REALLY HELPFUL INHERITANCE TIP! (No. 24) I have a Living Trust but I still dont know what the heck it is. And I dont want to bother my attorney for another review. And Im sick of trying to read this thing. I hear this all the time. Yes...ALL THE TIME! You have a Living Trust (LT) but you have no real or meaningful understanding of what it is or how it works beyond the basic function of transferring your assets to your children after your death without probate. You just signed where your attorney told you to sign, threw it in your car and have not thought about it since. Focus on this explanation and you will know what your LT is for the rest of your life. You own your assets. Your house. Cash. Stocks. Pedigree dogs and cats. Whatever. Take those assets and put them in a bucket. You still own the assets while they are in the bucket. You get the income from those assets. You get to dip intro the bucket and take out whatever you want for any purpose. Mortgage payments. Food. Travel. Cars. Pianos. Giving away to strangers. Whatever. You still manage the assets in the bucket. You can wheel-and-deal all day long with them. Sell them. Buy more assets. Invest in anything you want. Exchange them for other assets. Repair them. Mortgage them. Throw them in the street. Whatever you want to do. This bucket comes with written instructions that are long, boring and usually written in indecipherable legalese. The meat-and-potato parts of these instructions say this: 1. You own the assets in the bucket. 2. You are the manager of the assets in the bucket. 3. You can do whatever you want with the assets in the bucket. Here comes the hot-and-juicy part. The instructions say that if you become ill to the point that you can no longer manage the assets in the bucket, someone else can manage them for you. This someone has to manage them for YOUR BENEFIT ONLY during your illness. YOUR health. YOUR care. YOUR day-to-day expenses. You are STILL the owner of the assets in the bucket... even though the someone manages them for you while you are incapacitated. The instructions also say that when you die, a someone takes control of the assets in the bucket to do three things. Protect them. Preserve them. And ultimately distribute them to the persons you want them to go to. And who are those persons? The ones you list in the instructions that come with the bucket! This after-death someone literally reads the who-gets-what part of the instructions and transfers them to those persons... and in the manner... you put down in those instructions. So...thats what the LT is! Its a bucket that you throw your assets into. And that bucket comes with during-your-life and after-your-death instructions about the ownership, control, management and distribution of those assets. There! Now you know what your LT does and how it works. Simple concept, yes? Then why is your LT so lengthy and so complex? Because thats what we lawyers lawyers do. We throw in the entire legal kitchen sink to ensure that you own and manage your bucket assets during your life...and that someone can do his/her job with the your bucket assets after your death. Do you need a LT? My general answer is;: If you have real estate of ANY value...you should have a LT. But thats for you and your lawyer to decide. Just dont be talked into buying a LT if you dont need one. Come to my bookstore talk and signing on September 10th at Barnes & Noble on Wilshire and Third Street Promenade. 7:00 PM. And BRING YOUR QUESTIONS! Also...Im appearing on the 700 Club on September 8th. Check your local listings for airtimes. For the Los Angeles/Santa Monica area, here are the channels and times: DIRECT TV ABC Fam. (Ch. 311)...........7 AM & 8 PM NRB (Ch. 378)...................10 AM & 7 PM TBN (Ch. 372)...................Noon TIME WARNER CABLE K-CAL (Ch. 9).....................9 AM ABC Fam. (Ch. 113, 436)...10 AM & 11 PM KTBN (Ch. 040)..................Noon DISH ABC Fam. (Ch. 180)...........7 AM & 8 PM K-CAL (Ch. 8007)...............9 AM TBN (Ch. 9409)..................Noon Amazon link to BEYOND THE GRAVE: amazon/dp/0062336223/ref_cm_sw_r_tw_awdo_ks-0tb1SYR8Q8 Please like this Page. But ONLY if you really like it! Call me or contact me if you would like. No charge to chat. (310) 393-0701 or [email protected]. condonandcondon.net
Posted on: Thu, 04 Sep 2014 14:56:25 +0000
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