Take care of those you are most grateful forWritten by Nolan Baker Mark Clair | | email@example.com
Have you ever done that thing at Thanksgiving dinner when you go around the table and each person names something they are thankful for? Yep, we’ve done that, too. When you start thinking about that question, we all have a lot to be thankful for. Things like your job, your home, your car, the food on the table, your nice warm bed, etc. When you think about what you are most thankful for, we always come back to the same thing, our families. When it is all said and done, we are most thankful for the relationships we have in life with those that we love.
Focus on what is important
Do you sometimes feel like life is passing you by? If you have seen the movie “The Bucket List,” Jack Nicholson and Morgan Freeman play characters who realize they are terminally ill. They decide to make a list of things they want to do before they kick the bucket and try to do as many as possible. Without ruining the movie for you if you haven’t seen it, in the end, both realize that the most important things are their relationships with family members and not how many mountains they climbed.
Creditors and predators
When we think about leaving a legacy to our loved ones, we think about such issues as passing on what we have worked a lifetime to build, and to protect our assets and our family’s future from what we call “creditors and predators.” Many folks are utilizing living trusts to avoid probate, help with taxes and pass on assets in a cost and time-efficient way. There is also the issue of bad things that might happen that can threaten your assets like lawsuits, divorce, creditors, etc. Some of these bad things can happen long after you’re gone. What can you do about this?
Use a family trust
You may have come to the conclusion that you need a trust or maybe you already have one and it needs updated. Many think that all living trusts are the same, but they are not. Think of a trust like you think when buying a car. Are all cars the same? No.
You have low-, middle- and high-end models. Many cars have features that others do not. Plus, the standard features of cars from years ago are drastically improved. One of the big considerations is safety. If your family is riding in your car, you want to make sure if something bad happens, they are as safe as possible. You want seatbelts, front, side and passenger airbags, anti-lock brakes, OnStar, etc. You can think of a trust the same way. If you have an older trust, the standard features may be outdated. If you get a new trust, you can get a basic model or you can get one that has a lot of extra features.
A basic trust usually pays out the assets to the children when both parents pass away. That is where the protection normally ends. A family protection trust is a higher- end model that protects your family from lawsuits, divorce, creditors, etc. even after you are gone.
Think of a family-protection trust like a family lockbox that lives on for years. You can even build in a trust protector who can act like a bodyguard. The idea of your children or grandchildren losing much of their inheritance to a divorcing spouse or someone who is lawsuit-happy is not a pleasant thought. Making sure your living trust has these extra features can help avoid a disaster. If you already have a trust, have it reviewed to see if it contains these safety features.
Happy Thanksgiving to our readers! Everyday life can take over causing us to lose focus on what is important. Make sure you enjoy these special times you have with your family. Then take it a step further to make sure they are all protected.
For more information about The Retirement Guys, tune in every Saturday at noon on 1230 WCWA and every Sunday at 11 a.m. on 1370 WSPD or visit the Web site. Securities are offered through NEXT Financial Group Inc., Member FINRA / SIPC. 7135 Sylvania Ave., 2B, Sylvania.