The Vital Role of Trusts

Lately we’ve been meeting with many families that lack an estate plan.

Why is this important to me right now?

God forbid anything were to happen, what’s the plan to efficiently pass assets and ownership to your children?

In many cases, it’s simply naming your child (children) as a beneficiary and the assets would pass directly to them at your passing.

However, there are scenarios where that might not set your child (children) up for long-term success.

One thing that we’ve been doing with several families as we work on establishing an estate plan is to name a “trust” as a beneficiary.

Why would you consider naming a “trust” as a beneficiary?

  • Your child hasn’t shown the ability to handle money well.
  • Your child has a special need.
  • Your child has a history of substance abuse.
  • You are worried your child could get divorced.
    • EXAMPLE:  Your child receives an inheritance of $1 million.  Later, your child goes through a divorce.  It is possible that ½ of the inheritance could go to your child’s ex-spouse.

If any of these are familiar, you’re not alone.

An incredible act of love is setting upon a plan to ensure your children are taken care of based upon what is best for them.

If any of the above is pertinent to you and your family, let’s schedule a time to talk.

I can say from experience, there’s a weight that’s lifted when you rest your head on the pillow at night knowing you’ve got your ducks in a row to set your children up to the best of your ability in the event of your death.

Let’s set it up, rest easy, and adjust over time as needed.

Santa’s almost here. 🎅

Over the coming weeks, you’ll likely be involved in several family gatherings and interactions.

Of which will also come big feelings and emotions (family can do that):  Joy, laughter, grief, fatigue, annoyance, etc…

The holidays have also been known to create financial strain.

If you are a client of Know My Plan, we greatly appreciate the faith & trust that you have shown in us.  As a small token of our appreciation, we would love to take your working children through our financial planning process and provide them a complimentary financial plan.

No cost.  No obligation.

We believe in the transformative power in all aspects of life when you are acting upon a financial plan.

We’d love to help reduce a little bit of financial stress and help bring more joy to those you love in 2024.


Disclosure:  This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

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