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?

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!

Gene Roddenberry’s Estate Plan

Star Trek has become a pop culture phenomenon. Since its premiere on September 8, 1966, the television show has produced five spin offs and over a dozen major motion pictures. Merchandise influenced (and sold) by the brand includes toys, clothes, mugs, comic books, and novels. What’s more, the franchise shows no signs of slowing down.

Twenty five years after Star Trek first appeared on the small screen, its creator, Gene Roddenberry died. The cause of death was congestive heart failure. The date was October 24, 1991. He was seventy years old.

Aside from being a science fiction and pop culture icon, Roddenberry was also an estate planning enthusiast. Roddenberry, who dared his audience to boldly go where no man had gone before, found a way to utilize his estate plan like no man had ever utilized an estate plan before.

Roddenberry added a provision to his will, requesting that his ashes be scattered into space.

On October 22, 1992; a portion of Rodenberry’s cremated ashes were taken onboard the NASA space shuttle, Columbia. Roddenberry’s ashes were flown into space; then returned to Earth. It was the first ever “space burial.” … It wouldn’t be the last.

On April 21, 1997, (as per his estate plan), Rodenberry’s ashes were scattered into space. This time his cremated ashes shared a ride on a satellite with the ashes of twenty three other people. Among them was famed psychologist and philosopher, Timothy Leary.

In the years following Roddenberry’s “space burial,” others followed his lead. Among them were astronauts, school teachers, and even two original Star Trek cast members, (James Doohan who played Scotty & Majel Barrett who played Nurse Christine Chapel).

“Space burials” continue to this day.

For more information about wills, trusts or other estate planning documents, please contact a qualified estate planning attorney.