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Wills, Trusts, and Revocable Living Trusts

The foundation of all fundamental planning that must not be overlooked or taken lightly. This is the base document that directs who gets what, why, when and how. It provides fundamental tax planning by capturing the applicable exclusion(s) and serves as the road map for years after the event has taken place.

All documents are not created equal and need to be carefully reviewed to ensure their completeness and accuracy in reflecting the decedent’s real wishes.

EXAMPLE:

Does the document give the beneficiary three different dates of inheritance?

  • 1/3rd of the inheritance is received at age 30
  • ½ of the inheritance is received at age 35
  • Balance of the inheritance is received at age 40

This is generally referred to as the rule of the three “B”’s. However, this type of planning does not take into account any aspect of the individual beneficiary and the money inherited usually is handled like this; first portion of the inheritance is spent frivolously, second portion of the inheritance is poorly invested, and last portion of the inheritance is finally saved properly.

The TailorMade difference:

Why doesn’t the document reflect actual personalities, strengths and deficiencies that each individual beneficiary inherently possess? Does it have the ability for the trustee to hold back or advance monies for a good reason? Does it create Trust Fund babies or motivate them to be productive and successful members of society.

When a plan is tailored to fit the client, the client’s goals are achieved and in turn our goals are achieved.