Page 31 - October Newsletter

How do you spell relief? T-R-U-S-T It is time for your living trust
When clients finally commit to getting a liv- ing trust estate plan, what I hear the most
is, “I have no idea what took me so long to
do this.” After doing this work for three decades, I know why. It’s just what we do. When we are young, we are immortal and bulletproof. We have a life to live, a family
to raise, good times, other priorities. The list goes on and on.
You know the problem with that thinking. Life is too uncertain. We’ve all lost someone, and it was always too soon. Tragedy can strike at any age. And if you are single or married and own property, you already have something to protect. Married with young kids? You owe it to them not to leave their custody, future care and financial security com- pletely up for grabs and in the control of the court system.
Before you know it, your career is winding down and you still don’t have a plan in place. Even in retirement, there seem to be other priorities, though the funerals are a constant re- minder of our mortality. And at this stage, our mortality is what holds us back. We just don’t want to think about it, and we certainly don’t want to plan for our death.
“This is such a relief”
When clients make it to the office and sign their complet- ed living trust estate plan, “relief” is the word I hear the most, almost every time. No matter how long we put it off, it is al- ways in the back of our mind, and most likely one spouse is reminding the other, “We have to get this done.” There is no better feeling than getting it done. Now you can go on with the business of living. You rarely, if ever, have to think about it, much less make any changes to a trust once you sign it. It doesn’t complicate your life, and you don’t need assistance when you buy property or open new bank accounts.
What is a living trust and why is it so popular?
In a short article, I can give you only so much detail about living trusts, and I encourage you to visit my website for answers to your questions and for a detailed brochure you can view or download. And of course you can always call my office with any questions. Visit the Estate Planning section of my website and the page The Facts About Living Trusts (www.tuohylawoffices.com/living-trust-chicago).
Basically, a revocable living trust is a written legal docu- ment that allows you to pass your assets (real property, bank accounts, stock, saving certificates, personal property, etc.) privately and efficiently to your family, friends or charitable organizations after your death — outside of probate court.
• At the creation of your trust, all of your assets will be transferred from your name and titled in your trust.
• You retain unlimited access to and full control of your
assets during your lifetime while you have your capac-
ity.
• A revocable living trust allows you to appoint someone
of your choice (as successor trustee) to manage your
assets after your death or during your incapacitation.
• It may be amended or revoked at any time as long as
you are mentally competent.
• Your assets and belongings will be distributed private-
ly and efficiently to your beneficiaries, under the terms you have established within your trust.
• Your living trust provides 100 percent asset protection for your beneficiaries, especially those with
special needs. Remember:
• A will must be probated. The rule is no one can
legally sign your name. Therefore, at your death or incapacitation, all assets in your name are subject to the full probate process, which averages 18 months and
is costly.
A living trust completely avoids probate.
FOP
Benefits Plan
TOM TUOHY
•
• A living trust estate plan includes both healthcare
and financial power of attorney documents.
A fully funded living trust, complete with healthcare and financial power of attorneys, is available to you at 50 percent reduced rates in your FOP Benefits Plan. Call today and you
can lock in an additional police discount of $200. Registration for FOP members and family is free. Visit www.fopbenefitsplan.com or call 866-729-5454 for assis-
tance with registering. d
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Benefits Plan. He has been a police lawyer for 34 years. His father was a CPD detective, and his grandfather was CPD Chief of Major Crimes. You can reach Tom at 312-559-8400. You can also contact him directly for questions regarding your living trust.
CHICAGO LODGE 7 ■ OCTOBER 2017 31