A Message Regarding Beneficiaries If your parents or other loved ones have named you as a beneficiary of their estate, whether it will be distributed under a will or a Trust, congratulations -- please take the following under serious consideration: All of their stuff in their home, garage, closets, trunks of their cars, storage units, under their bed, is exactly that -- their stuff. All of their money in banks, credit unions, mutual funds, stocks, bonds, pensions, retirement plans, businesses they have started, purchased or invested in, under the mattress, in their pocket, is exactly that -- their money. By naming you as a beneficiary, they have decided that on the day of their death, their stuff and their money will make the magical transition into "your inheritance." The most distasteful sentence I have heard recently, from a client
repeating what his daughter said, and I am not making this up, is, If you need a loan, go to someone whose business is making loans. Pay interest. Grow up. Within a week prior to this writing, and I am not making this up, I
have received two calls from beneficiaries who said -- So here are the messages: Parents/Trustors If you want to test it, try this -- Give each of your beneficiaries an equal amount of cash, maximum $11,000 per year to avoid the gift tax. Don't tell them it's a test. Wait 90 days and then casually ask each of them, "So, what were you able to accomplish with the money I gave you?" The answers you receive will tell you whether you have chosen worthy beneficiaries. If you have already given "advances," make sure that you have taken steps to assure that the "advance" is deducted from the beneficiaries share of the estate at your death. Please remember that money is a tool. It can build or it can destroy, depending upon who is using it. There are innumerable truly worthy organizations that could do wondrous things with your money. Please choose to be as responsible with your finances in death as you have been in life. Children/Beneficiaries In life, each of us is either a source for others or others are a source for us. Children and other immature persons always need a source, for food, housing, medical care, etc.. Maturity is making the transition from needing a source to becoming a source. Do an analysis of your life -- how many people look to you for guidance, assistance, wisdom? How many people do you contact asking for help? Is it time to mature? Call me if you want to talk about it - 800 400 4262. Want to read a book on the issue? Or an article? Or some actual family stories? |