How to Create a Trust Online with Kiss Trust

Posted by Tyler Phelps, Vice President of Eastern Point Trust Company on Apr 21, 2016

How to create a custom trust online with Kiss Trust using TrustWare

Watch how to create a trust online with Kiss Trust using TrustWare! Don't worry about complicated trust forms, because you can build a custom trust in four easy steps just by answering easy questions, like who your beneficiary will be and when they can receive certain assets under specific conditions. Creating a custom trust has never been easier!

 
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Tags: Trust Fund, Life Hacks

True Story: Can a trust fund provide protection where an UTMA can't?

Posted by Ned Armand, President of Eastern Point Trust Company on Feb 19, 2016

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A diagnosis of mental illness is always tough on both the patient and the close friends and family members.  While it may come as a relief to finally have professional recognition of a problem, the certification that the problem exists can be difficult to handle.  As advanced as our society has become, those with certain mental illnesses still find themselves stigmatized and forced to the fringes of human interaction.

When Allison’s daughter, Summer, was diagnosed with bipolar disorder at age 15, Allison knew that the young woman would need a lot of help and support to deal with the diagnosis, the treatment and the daily medication regimen needed to keep her on an even keel.  Unfortunately, as a single mother, Allison didn’t have as much time as she would have wanted to attend to her daughter’s needs and give her all the support necessary to protect her fragile psyche and keep at bay those who would seek to prey on her perceived vulnerability.

In her up cycles, Summer was a vivacious, articulate, engaging and charming young woman who could light up a room.  But when that cycle ended and she entered a down phase, she would spend hours at a time in bed or in a living room chair, lost in dark thoughts and tears.

As part of her divorce settlement, Allison had insisted that her ex-husband make regular payments into an UTMA, or Uniform Transfer to Minors Account, to pay for Summer’s college expenses.  He had done so faithfully, and Allison was relieved to know that at least she wouldn’t have the worry of coming up with tuition, fees and living expenses to deal with on top of everything else.  When she turned 18, the entire amount of the UTMA would be hers to do with as she chose. While that prospect gave Allison some pause, she knew that she’d raised her daughter well and trusted that she’d make good choices.

The first semester went great, with Summer getting acclimated to life in the city, making new friends and enjoying her classes.  As winter turned to spring, though, Summer moved off campus into an apartment with new “friends” on a hand shake arrangement and began to slide into a down cycle.  After disclosing to her new roommates, about her hefty UTMA account they devised a scheme to take advantage of her vulnerability convincing Summer that she owed unreasonable sums of money to them for past room and board.  And threatened to have her arrested if she did not make good on her debits immediately.

As the account rapidly dwindled Summer only became more depressed. Rather than seeing her therapist and getting her medication adjusted, Summer withdrew, her grades plummeted and she soon quit going to class. 

When Summer finally revealed the situation to her mother Allison, Allison was frantic and immediately contacted several trust companies in an attempt to preserve what was left of her daughters account, however it was too late.  Within a few short weeks, her “friends” had all but completely exhausted the money in Summer’s UTMA account and moved on.

Summer did manage to get through the hard times, and her faculty advisors, wracked with guilt at having not seen her plight, petitioned the art school for additional money to help her continue her schooling.  She managed to finish school, but all the money from the UTMA was gone, and she had a very difficult time supporting herself with her art alone after school, ending up in a series of “small” jobs which kept her bills paid but also kept her from pursuing her dream.

If Allison had chosen to put Summer’s college savings into a third-party managed education trust, such as those offered by Kiss Trust through Eastern Point Trust Company (rather than an UTMA), Summer’s false friends would never have been able to wreak the havoc they did.  With controlled distributions tied to things like successful course completions, finishing school and other milestones, a Kiss Trust encourages positive life choices.  The trust also allows the grantor to build in penalties such as suspension of benefits for bad behavior, failure at school, alcohol or drug abuse issues and the like.  A third-party managed trust is a far more secure way to handle the large (or even not so large) sums of money that can become available to a young person upon attaining their majority.

 

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Tags: Trust Fund, UGMA, UTMA

How Trust Funds Can Encourage Good Behavior

Posted by Ned Armand, President of Eastern Point Trust Company on Jan 15, 2016

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Inheriting a trust fund comes with a fair amount of responsibility. Grantors can help ensure model behavior by beneficiaries thanks to diverse distribution options.

Key Takeaways

  • Wealth and affluence are not required to open a trust fund
  • An irrevocable trust is preferred to best protect assets
  • Select a financial institution that offers the most distribution options


Trust Fund Babies

The label, “trust fund baby,” conjures images of adolescents on the edge of adulthood basking in an affluent life of luxury courtesy of a trust fund. The truth of a trust fund is more modest and, fortunately, more available. Grantors do not need to be affluent to establish a trust fund for a child or family member. With as little as $25 starting balance and a modest one-time administration fee, an irrevocable trust fund can be opened by anyone for anyone. Opting for an irrevocable trust offers the best possible protection of assets against creditors and other claimants, and helps safeguard money. Today, all-in-one irrevocable trust fund plans exist that give grantors strict control over distribution allocations to prevent against inheritance abuse and flat-out bad behavior.

 

Encouraging Good Behavior

Thanks to creative distribution elections, parents can control both some behavior aspects and the future use of funds in an irrevocable trust fund for their children. Trust grantors can create a custom mix of distribution allocations to cover a variety of scenarios. Distribution elections can range from education expenses to good performance and timely graduation bonuses, first-time home purchases, and age milestones that dispense a certain amount from the trust. There are even distributions that account for the unforeseen such as medical emergencies or special needs. And, to provide an incentive to beneficiaries, grantors have the option to suspend the trust if an individual behaves irresponsibly and makes poor life choices.

 

Stay in Control

A sudden influx of money can be overwhelming for anyone. Add into the mix a young adult with limited money management experience, champagne taste and the means to purchase their wants, and it is easy to see how inheritance can be pilfered in under two years as beneficiaries live an affluent lifestyle. Choosing the right estate planning tool that provides checks and balances to help beneficiaries better manage their inheritances is a wise decision. Grantors need to spend time researching institutions and services that offer the most control and options to protect against every future scenario such as the complete trust solution offered by Kiss Trust and Eastern Point Trust Company.

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Tags: Trust Fund

How Rising Interest Rates Affect Trust Planning

Posted by Ned Armand, President of Eastern Point Trust Company on Jan 14, 2016

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Rising rates have implications, good and bad, but some economists suggest that the rate hike has numerous benefits for the US economy. In regards to trust planning, now is the time to make plans to pay off debts and to open a savings account to make the most of an interest rate hike.

Key Takeaways

  • Use the interest rate hike as a catalyst to paying off debt.
  • Take advantage of the interest rate hike by opening a savings trust.
  • All-in-one plans exist to make establishing a trust easy and affordable.

 

A Decade in the Making

After nearly a decade, last week the Federal Reserve raised interest rates a quarter percent, in what is anticipated to be the first in a series of rate increases. What does this mean for family finances? The quarter-percent rate increase is essentially an effort to deter debtors, while savers will yield benefits. Those with large amounts of debt on credit cards, home equity lines of credit (HELOC), or adjustable rate mortgages (ARM) will want to work toward lowering or eliminating their debt.

Families and individuals with savings accounts will see benefits to the recent Federal Reserve interest rate hike. There will be higher yields on certificates of deposit (CDs), interest bearing savings, money market accounts and other fixed income products. Now is the time for families to research options for opening savings accounts and taking advantage of the interest rate hike.  

 

Right Time to Open a Trust

For families with young children, this is an ideal time to open a savings trust and build a nest egg for the future. These parents can take advantage of affordable all-in-one savings plans available online. An irrevocable trust can be opened for a nominal fee with as little as $25. Funds used to open the account, and contributions after that, are safeguarded from future financial mishaps and can only be used how and when they were originally intended.

Savings plans with a friends and family gifting portal make contributions throughout the year for birthdays and holidays easy. Recurring contributions can be scheduled to encourage frequent gifting. Make your money work harder by putting it in accounts that will yield the highest results.  

 

Financial Planning that Covers all the Bases

Regardless of what the future holds, families with an all-in-one savings plan will be more secure. Whether children have plans to pursue a higher education or encounter emergencies along the way, assets are protected with detailed distribution elections.

The Federal Reserve is making moves and now is the time to tie up loose ends, manage debt, and open an irrevocable trust for the future. Fortunately, with all-in-one savings plans, this can be achieved in as little as 30 minutes.

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Tags: Trust Fund

Unique Baby Shower Gift Ideas

Posted by Ned Armand, President of Eastern Point Trust Company on Dec 7, 2015

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Next time you are invited to a baby shower, reconsider traditional gifts that benefit the parent short-term. A trust-based savings plan is a thoughtful gift that shows that you care about the family's future, which can benefit them for a lifetime.

Key Takeaways

  • An all-in-one savings plan is a great baby shower gift, since it benefits both the parent and child long-term.
  • Make sure the account is easily accessible, like a Kiss Trust.
  • Choosing an account with many investment options gives you the freedom to grow your funds beyond the initial deposit amount.


Gifting Saving Plans To New Parents

Think Beyond Immediate Essentials for Baby Shower Gifts

New parents are often inundated with clothes, blankets, toys, and other items that newborns quickly outgrow. Instead, consider giving parents a gift that will grow with their newborn and help serve his or her needs later in life.

A savings account for a newborn is one of the most thoughtful gifts that family and friends can give, and an all-in-one savings plan is a smart decision for the gift buyer. Children born today can expect to pay over $200,000 for a four-year college degree, so not all children can afford college when the time comes. To best prepare for a child’s future decisions, savings accounts need the flexibility to remain relevant as the child matures. These easy-to-use and affordable plans are flexible, and can change with the shifting needs of every family.

Millennials Are Not Afraid to Ask

Members of the millennial generation are starting families. And these millennials who find themselves saddled with significant student debt are hoping to present their children with alternatives. This is why they are not shy about asking family and friends for money to save for their children. In fact, bridal registries often include accounts for new homes and other starter items for new families. Baby registries are beginning to see these same requests, moving away from traditional gifts. 82% of respondents said that they were in favor of having a college fund on their baby registry based on a poll taken by an independent media and technology company.

 

Benefits Of Gifting Saving Plans

Maximize Options

The gift of a savings account is a thoughtful offer from anyone, but it is important that it is done correctly. Investors should choose an account that offers a wide variety of investment options, such as mutual funds, EFTs, stocks, bonds, and more – ­unlike most 529s. Some 529 plans limit the grantor to one change per year, so choosing a plan that has flexibility additionally benefits the child. This flexibility is critical for when you need to change strategies more than once to adapt to a drastically changing economy.

Easily Accessible

With increasing interest in donations to college funds, it is important to choose a savings plan with easy accessibility. Research indicates that over 70% of grandparents are willing to make donations to grandchildren’s savings plans. Family members can gift up to $14,000 each year without paying gift tax. New parents should look for accounts with easy online gifting options to make donations as simple as possible for family.

You can give the gift of a lifetime by gifting a Kiss Trust to a new parent. Start today, and we will give you 60% off the standard price of a Kiss Trust.

Give The Gift Of A Lifetime Start Today And Receive 60% Off

 

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Tags: Trust Fund, DIY, New Child, Gift Trust

Navigate Through a New Financial Landscape After a New Baby Arrives

Posted by Ned Armand, President of Eastern Point Trust Company on Nov 30, 2015

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Planning for a newborn takes a lot of work – like planning the nursery, stocking up on diapers, and getting the perfect rocking chair – but, planning for a newborn's financial future can be more crucial, though it seems so far away. Make sure you are taking the right step in securing their future.

Key Takeaways

  • Be focused on saving for your new child by setting aside money for all of their future needs.
  • Plan for the worst by creating a will, purchasing a life insurance policy, and by choosing your child's guardian.
  • All-in-one estate planning tools make it easy for new parents to save for their child's financial future with packaged savings, investment, and trust solutions.


Protect Your Child's Future

In addition to preparing a nursery when a new baby arrives, new parents need to prepare savings plans, guardianship, life insurance, and a will to safeguard the newborn’s future.

Following a monthly contribution to a retirement fund or funds, parents should be prepared to deposit money into a child’s savings account or education savings plan. Affordable and easy all-in-one plans exist to guide parents through these processes to secure your family’s assets and financial future.

If necessary, savings plans are also available for Special Needs children that ensure an individual’s ability to qualify for government benefits. Tools also exist that can help preserve the ability to qualify for grants and scholarships. Flexibility is critical. All-in-one savings tools can reallocate assets to other distribution elections if the beneficiary decides not to pursue higher education. Kisstrust has just such tools to help prepare for your child’s future education and financial well-being.

Plan For The Worst

Choose Your Child's Guardian

It is imperative for a family to designate an individual to be the guardian to care for a minor or individual who is unable to care for themselves. While this is an emotional decision and often an obstacle for new parents, one approach is to look at it as a short-term assignment. The person best suited to care for your child or children while they are young may not be the best person to care for them as teenagers. However, it is important to select a guardian for your child as well as appoint a trustee with a trust that has a spendthrift Health Education Support and Maintenance provision to best safeguard distributions of your estate to your appointed guardian in the event they must raise your children in your absence.

Invest In Life Insurance

Life insurance policies should be established for both parents. Life insurance offers a tax-free cash payout. In the event of an unexpected death, a life insurance policy will help cover burial expenses, pay off debt, and protect loved ones. Maintaining life insurance policies will ensure that your loved ones are able to continue their current lifestyle in the event of a deceased parent. Proceeds of life insurance should go to a spendthrift trust to ensure that assets last.

Prepare A Will

Most importantly, new families need to prepare a will, which is imperative to allocate assets after your passing and according to your wishes. A will enumerates your instructions concerning actions following death. This is a fluid document that can be updated as often as necessary. However, in order to be valid, it must comply with certain requirements. An easy, and affordable, self-help will preparation tool can walk you through the process. US Legal Wills is a trusted provider of online wills.

All-In-One Estate Planning Tools

While seemingly overwhelming, estate planning is necessary to safeguard your assets and care for loved ones. Fortunately, savings plans can be accomplished with easy to use, all-in-one tools that are proven by courts, government agencies, and financial institutions, to secure family finances. Save time, money, and effort by visiting an all-in-one savings plan provider for your family’s savings.

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Tags: Trust Fund, New Child

Inheritance Trusts Can End the Shirtless-to-Sleeveless Cycle

Posted by Ned Armand, President of Eastern Point Trust Company on May 22, 2015

 

Inheritance Trusts can end the 'shirtless-to-sleeveless in three generations' cycle in just one day when starting a Kiss Trust.

Key Takeaways

  • 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.

Common Mistakes

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.

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Tags: Trust Fund, Inheritance Trust, Financial Planning

The Irrevocable Trust Fund Gotham Deserves (and Really Needs)

Posted by Ned Armand, President of Eastern Point Trust Company on Oct 10, 2014

We are all familiar with Batman and his more popular story arcs including the feature film series “The Dark Knight Trilogy.”

But, what often isn’t observed too closely is how Bruce Wayne was able to amass his vast wealth and allocate it for the end goal of funding his vigilante crime-fighting campaigns.

Irrevocable Trust Fund

History

Thomas Wayne (Bruce’s Father) was the inheritor of the Wayne’s family fortune built by industry and real estate, which was handed down through his own father Patrick Wayne. This amassed fortune was inherited via WayneCorp (Wayne Enterprises). Wayne Enterprises is a compilation of over 30 umbrella companies involved in all sectors of the global economy.

Power of Trusts

While most of us won't be inheriting the eighth largest international conglomerate in the DC Comics universe, there is a comparable lesson to be learned. The Wayne family knew with the transfer of large sums of inheritance to future generations came the potentially underhanded (and even murderous) intentions of others. In response, the Waynes set up trust funds to protect not only their current assets, but secure the future of WayneCorp’s livelihood and guarantee the assets would be safely passed on to the rightful heirs.

Why Do We Fall?

While there were most likely several trusts that were created to protect the various personal and business assets of the Wayne family, the irrevocable trust created specifically for the benefit of Bruce Wayne is arguably the most powerful and stabilizing force that allowed The Batman to come to fruition. Without the protection and guidance of a trust, Wayne would have been subjected to the innumerable pitfalls associated with being orphaned by the murder of his parents. Bruce's trust enumerated articles that paid for his living expenses and schooling, as well as his caretaker Alfred Pennyworth, throughout their entire lives. This made it possible for the young Master Wayne to “pick himself back up” and not squander his wealth or life in the sorrows of his parents' unfortunate demise.

Asset Protections

Bruce Wayne himself used the concept of entrusting assets to protect his current wealth and business interests inside of trust held corporations. This strategy afforded Bruce control and protection of his assets during a hostile takeover of his beloved Wayne Enterprises. With his assets secured, Wayne was able to focus and fully invest in his crime fighting alter ego Batman. This further allowed for the funding of the Batcave, Batmobile, multiple iterations of his tactical Batsuit, and Batgadgets.

Identify Yourself to the World!

The Waynes used the power of trusts in the Wayne Foundation, creating a massive charitable network to assist Gotham City in ways Batman himself could not. Providing charitable donations through an entrusted holding company, these donors could rest assured their large donations would be put to good use knowing the assets would not be stolen by the corrupt Carmine Falcone and his cronies.

I Can Be Everlasting

Even though Gotham and its own super villains are a work of fiction, the certainty of the unpredictable evil intent of others and our fallible nature as humans are lessons well learned.The Wayne family used the power of irrevocable trusts to ensure their assets would be put to good use when and how they intended, providing a stable environment and guiding light in their absence. Without the skillful deployment of a comprehensive irrevocable trust, Batman could not exist; and without Batman, Gotham would be lost! A trust fund is the most valuable weapon a hero without the power of the sun could have. While an irrevocable trust may not fund your loved ones' crime fighting and vigilantism, it could certainly help. So why not help your little Bruce Wayne, and find out more about irrevocable trusts and how they could benefit your family? 

Download Your FREE Irrevocable Trust Self Assessment Checklist!

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Tags: Irrevocable Trust, Trust Fund

Kiss Trust

Creating a Trust
Has Never Been Easier

Kiss Trust is the only patented total trust solution in America. Kiss Trust Is a self-help trust creation tool with integrated trustee services and access to over 5,000 mutual funds, 1,000 ETFs and a brokerage account with stocks and bonds. Kiss Trust lets you create a powerful custom irrevocable trust without the expense and trouble of hiring an attorney.

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