Hi!
I'm Rob Young, owner of Blue Dot Wealth Management.
We are going to continue our conversation about Estate Planning and why it is important.
Sometimes, when we are talking about these kinds of things, we get a little lost in terminology,
so I thought I would tell you a couple of stories to illustrate how a Trust can be beneficial.
First, most people think you need to be old to have a Trust.
As these stories show, being prepared at any age is important.
So let me introduce you to Jennifer.
Jennifer was thinking ahead when her daughter Charlotte was born.
She made a good salary and talked to a planner about the "what if's" in life.
Through that discussion she purchased life insurance and set up a trust.
While she was happily married, she had concerns about some of her husband's family members
and had some concerns about his money habits so when she set up the trust for her daughter,
she was careful about who would control the money and how it could be used if she passed
away.
When her daughter was 5, Jennifer was diagnosed with terminal cancer and passed away in less
than six months.
Everything that had been put into place has allowed her husband and daughter to grieve
without worrying about day to day things.
Their home, Charlotte's college education, after school care, all of those things were
thought about ahead of time.
Furthermore, it was important to Jennifer that the life insurance pass directly to Charlotte
so that she had a legacy.
That was only possible with a Trust.
Our second story is about Tim & Kate.
Tim and Kate have three kids, one of whom is their son Dylan who is considered Special
Needs.
Caring for Dylan, while a labor of love, has made juggling careers and schedules difficult.
While they have been fortunate to make a good upper middle class income, they each have
had periods where they were part of layoffs.
They have, like Jennifer, made sure that they have plenty of life insurance to take care
of their three children.
Specifically, however, there is a part of their Trust that has a Special Needs provision
in it.
This allows Dylan to remain eligible for benefits that he would not be eligible for if he were
to inherit a large sum of money.
In the event that Tim and Kate pass first, they have a detailed plan in place with Trustees
that can help the family navigate care for Dylan.
Having that protection in place is invaluable and will take an immense amount of stress
off of Dylan's siblings and extended family.
Again, this kind of protection is only available in a Trust.
Not every family is going to go through these kinds of life changing events when they are
young but these things are far more common than people think.
I hope these stories have illustrated how having a trust in place helps everyday people.
If you have questions about Estate Planning, you can certainly reach out to us but the
best resource is an Estate Planning Attorney in your local area that is familiar with your
state's specific laws.
We hope you have enjoyed watching this video.
As always, Thank you, and don't forget to follow us on Social Media or visit us at Blue
Dot Wealth Management.com
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