Trusts
About 20 years ago, a new client from Saucon Valley named Mike said to me “If I die first, I want my wife Dorothy to receive one red rose from me every day for the rest of her life.” A touching, yet “how in the heck would you set that up?”, sentiment. Actually, it’s not that difficult. I directed Mike to my personal estate attorney, who simply set up a trust with those exact instructions.
German poet Heinrich Heine left all of his wealth to his widow Mathilde. But he used a trust to put in one condition: she would only get the money if she remarried. Heinrich wrote in his trust “Because then, at least one man will regret my death.”
English eccentric Henry Budd’s trust named his two sons, William and Edward, as his sole heirs. However, the trust contained a provision which required that if one of his sons were to grow a mustache, they would forfeit their inheritance and it would all go to the cleanly-shaven brother.
Your own personal wishes for passing on your legacy may not be as unusual as the ones above, but they are nonetheless important. If you have questions about trusts and estate planning concepts, please know I will gladly help you.
The views expressed herein are those of the author and do not necessarily reflect the views of Raymond James & Associates or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
The investments listed may not be suitable for all investors. Raymond James & Associates recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives.
Raymond James & Associates and its affiliates do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
