Estate Planning is something we all need to do, but most of us put it off for one reason or another; we’re too young to worry about it now, we don’t want to think about our own mortality, we don’t have enough assets to worry about preserving, we don’t have anyone to “leave” it to, etc., etc.
Any good foundation starts with good planning. Just as you are never too young to start saving for the future, you are never too young to start planning for the preservation and disposition of your assets, regardless of the reasons you give yourself to delay. Actually, the sooner you start these good habits, the easier it will be for you and yours later on. You can’t go back and retroactively plan for those unforeseen circumstances.
You may have heard the saying “the worst thing you can do for your family is die to without a will”. While this is true, having a will brings its own set of problems. The legal community is a big fan of the Revocable Living Trust, which addresses some of the issues associated with a will, it does nothing to preserve the assets you’ve worked so hard to accumulate.
The Contract Business Trust, a private entity, provides a better method of preserving and managing your assets, in that it allows you pass your assets to whomever you choose, totally intact, without probate, gift or inheritance taxes, immediately upon your death. A Contract Business Trust will shield the trust’s assets from personal creditors. It is private, without the need for administrators, attorneys, accountants, or courts.
The Contract Business Trust is as important for singles and unmarried couples as it is for married couples with or without families.
For more information about creating a Contract Business Trust for your family, please contact us at info@indicatorinformation.com.