Funding Your Trust

A trust agreement is an amazing legal document with the ability to protect your estate from probate, unnecessary taxes, creditors and predators. Yet, for the trust to be effective – it must be “funded.”

So, how does one “fund their trust?” – And what does it mean to do so?

“Funding your trust” means to transfer ownership of your assets from yourself to your trust. So, if you owned a house for example, you would change the title from your individual name (or joint names), to the name of the trust.

This process must be done for the trust to have any effect on how your property is transferred after death. Unless you title the property in the name of the trust, you cannot “fund the trust.” Thus, the trustee cannot control the property. As a result, the property will be subject to probate after death.

Although a person doesn’t have to “fund the trust” immediately upon receiving their estate plan, it is advisable to do so.

Aside from your home and/or other real estate properties, you might want to add other assets to your trust, including (but not limited to): CD’s, stocks, mutual funds, oil and gas interests.

Of course, what you choose to include in your trust in entirely your decision. The structure and content of your trust should be specifically drafted to your individual needs and wishes.

To learn more about funding a trust, or other estate planning options, please consult a qualified estate planning attorney.

Fall is here once again. The leaves are falling. The air is crisp. Pumpkin is the go-to ingredient… It’s time to sit back, sip a warm beverage, and prepare to indulge in a spooky tale of estate planning…

Famed magician and escape artist, Harry Houdini was a supporter of spiritualism (the belief the dead, assisted by a psychic or medium, can communicate with the living).

After his mother died in 1913, Houdini attempted to make contact. … He failed.

Frustrated in his inability to reach his mother, and angered by the belief the psychics and mediums of the day were frauds, Houdini dedicated the rest of his life to studying, learning, and revealing their secrets.

Houdini put to use his estate planning, by adding a provision to his will that the books he wrote, and materials he collected debunking psychics and mediums, be given to the Library of Congress upon his death.

Despite his public crusade to expose psychics and mediums, Houdini insisted on keeping an open mind in regards to spiritualism itself. As proof, he made a pact with his wife, Bess, that whoever died first would attempt to make contact with the other.

Houdini died Thursday, October 31, 1926. … It was his birthday.

True to her word, Bess held a séance a year later. She continued to hold séances every October 31st for nearly ten years.

In 1936, Bess held the last séance for her beloved husband. The event was covered by radio and broadcast across the world.

A storm broke out as the proceedings came to a close. Thunder rumbled, lightning lit up the sky, the participants and onlookers were thoroughly drenched with rain.

The participants learned later the storm hadn’t hit anywhere else in the area; only the location of the séance.

Never the less, Houdini had yet again failed to make contact … or had he?

Parents of adult children with substance abuse issues face an especially difficult challenge. They no longer have authority to make decisions for the child, and yet, they are forced to watch the child make mistake after mistake.
When you add estate planning to the mix, parents find themselves with another conundrum. Say a parent wants to leave her child an inheritance. There isn’t any guarantee the child won’t use the inheritance to feed their addiction. –So what can the parent do?
This is one of those areas where a trust agreement proves its worth as a legal document.
A trust “spells out the rules” in regards to assets held in the trust. This means the parent can set the rules in regards to controlling what distributions an heir receives, and limit the heir’s access to trust money.
What’s more, the parent can set rules as to how distributions should be altered if substance abuse is suspected. If the parent wants the child rewarded with additional distributions for reaching a specific sobriety milestone, the trust can provide for that as well.
The trust can even be drafted to include provisions which allow the trustee to pay for specific services, such as counseling or rehabilitation programs.
Of course, a trust isn’t a cure for substance abuse. It does however, offer parents peace of mind, knowing whatever inheritance they leave will be used to help, not hurt their child.
For more information about wills, trusts or other estate planning documents, please contact a qualified estate planning attorney.

The origins of National Senior Citizen’s Day date back to August 14, 1935 when President Franklin Roosevelt signed the Social Security Act into law.

Fifty three years later, President Regan issued a proclamation, that August 21st would be observed as a national day of recognition for older citizens, “for all they have achieved throughout life and for all they continue to accomplish.”

National Senior Citizen’s Day is often celebrated in senior centers and assisted living facilities. Celebrations and ceremonies are held in honor of seniors. Youth organizers often bring gifts. Families are encouraged to gather and spend time with loved ones.

Some businesses even honor seniors by providing special discounts or deals.

However, National Senior Citizen Day need not be restricted to senior facilities and businesses. Individuals can get involved as well. After all, National Senior Citizen Day provides a great excuse to spend time with loved ones (not that an excuse is necessary).

It also presents great opportunities for committing random acts of kindness, like visiting and/or offering assistance to elder family members, friends or neighbors.

However you choose to spend the 21st, we hope you make yours a very happy and memorable National Senior Citizen’s Day!