Inheritance Trusts can end the 'shirtless-to-sleeveless in three generations' cycle in just one day when starting a Kiss Trust.
- Inheritance trusts can end the shirtless-to-sleeveless in three generations adage.
- Leaving a general inheritance can cause the misuse of your estate.
- Inheritance trusts are an easy solution to ensuring the outcome of your final estate’s use.
Estate Planning and Inheritance
Inheritance trusts are a good tool to use when planning and executing wealth transfers from generation to generation – commonly referred to as inheritance. Your descendants will certainly inherit many things from you – from the shape of their nose to the color of their eyes. However, how they will use the wealth that they inherit from you is not guaranteed. Unfortunately, general (unrestricted) inheritances can have repercussions, which is where the adage shirtless to sleeveless in three generations came about. So, how the gift of your estate will be utilized should be planned with caution and taken seriously. Many variables should be considered, which is why having only a final will and testament may not be your best option. However, an Inheritance trust can solve the problems of when, how, and by whom your final estate may be used.
What are they used for?
These types of trusts are established to ensure the maximum control over the transfer of wealth to your heirs or unrelated parties. Although different trust types are available to address your estate planning needs, you can create a customized trust based on your specific wants and unique situation. It can receive death benefits from life insurance or annuity policies, as well as other sources like 401Ks, IRAs, and more.
Advantages Using Kiss Trust
- Peace of mind that assets you leave to your heirs will only be used for purposes you designate
- Over 700,000 possible design combinations provide a wide array of customization for your needs
- Ongoing professional institutional trustee oversight
- Ensure your estate is not wasted by foolish impulses or immature decisions
Kiss Trust is Problem Solving
Inheritance Trusts take away the uncertainty of how your estate will be used. This is because you dictate the terms of the trust; how and when the money will be used. Instead of relying on the theory that your exceptional financial genes were passed down to your family, you can ensure that your wealth management skills are being put to use long after you have shuffled off the mortal coil – in effect, you can parent from the grave. Thus, your estate will not be squandered by your heir’s misfortune or misconduct. Funding a trust guarantees that your family will be able to reap the benefits and the trust will not be subject to the claims of their creditors or ex-spouses.
The biggest mistake people make is not having a complete plan. Some assume that a final will alone will cover everything you need for an effective inheritance or estate plan. While having a will is always wise, establishing a final will and testament solely to handle your entire inheritance provides no safeguards for the use of your estate.
Another mistake is leaving a child as the beneficiary of a life insurance policy. Children have underdeveloped money management skills, and trusting them with the power to use it prudently is an unnecessary risk to take. The best preventative action to take is to establish a trust fund, especially when you’re protecting your life earnings.
If your focus is preserving your legacy, strengthening your family’s financial condition, or ensuring that your family will not be shirtless to sleeveless in three generations, an Inheritance Trust is right for you.