Why You Should Leave Your Assets To Loved Ones

Charles came into the law office of an MPS attorney to undertake estate planning. Charles was a widow and had no children. The bulk of his estate was going to three nieces and nephews. Charles had in excess of $750,000.00, and he wanted to ensure when he died, it got to his nieces and nephews quickly and avoided probate. He heard a living trust was the way to do that. When he called the MPS attorney's office, the staff recommended he attend a workshop to discover all the different issues he may not ordinarily be aware of when planning. Reluctantly, he went to the workshop and he was thrilled with all he had learned. Specifically, he liked the option to ensure when he passed, rather than leaving his assets to his nieces and nephews outright, he could give it to them in a protected trust that permits them to access to it for the rest of their lives, but not their creditors, spouses in divorce, nursing homes, the government, or lawsuits.

Charles engaged the MPS attorney and among other things, ensured when he passed, each of his nieces and nephews would receive their $250,000.00 in a trust for their benefit, in which they were the trustee. The trust also provided, they needed a co-trustee which they can appoint at their discretion. Charles later died, and his brother Frank, came into the office as the successor trustee to administer Charles' trust. Frank was confused, as were his children, as to why Charles did not give them this money outright. They were a little disappointed. After some explanation by the MPS attorney, they were accepting and proceeded with the trust administration. Each of them received their separate share of uncle Charley's estate in a trust in which they were named trustee.

About a year later, Scott, one of Frank's children, contacted the MPS attorney concerned about a recent garnishment that had been put on his account at the bank. Evidently, Scott had been sued and a judgment was awarded to the party suing him. They executed a judgment against all of Scott's assets, including his accounts at the bank. Since Scott was a trustee of the trust left by Uncle Charles, they also put a lock on that account in hopes to empty it to satisfy their judgment. The MPS attorney quickly explained to Scott that this is exactly why Uncle Charles had done what he did to ensure if any predators ever attempted to take the money from Scott, they would be prohibited. The MPS attorney immediately sent a letter to the law firm placing the execution on the account and to the bank's attorney advising them any attachment to the account was unauthorized and illegal. After a quick review of the trust, both the judgment holder and the bank acknowledged the account was not subject to levy and released it. The funds remained available for Scott's use without the risk of any further attachment by the judgment creditor or anyone else.

You, or your client, can protect your loved ones when you die to ensure when they inherit what you have worked your lifetime for, it stays with them without being at risk of being lost to their divorce, lawsuits, nursing homes, the government, or other creditors. To learn how to protect your clients assets and have them sending you their friends and family to you for year to come, join the MPS on December 14th for a 1 hour webinar and learn What to do differently in 2011 to make it your most profitable year ever; confidently delivering what clients and referral sources don’t blink at writing checks for.

Find out what a client is looking for in their estate plan, NOW, what they are willing to pay and how to attract these clients. ?

Discover What Clients Writing Checks for & the 3 Elements You Need to Provide it!

This call will be hosted by Dave Zumpano, Founder of MPS and practicing attorney, Just Like You! Register here https://www1.gotomeeting.com/register/968634353