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Contents
About
Us
Resources
Want
to learn more about life and estate planning? We have several resources
for you to use.
Feedback
We
want to hear from you! Send us your questions, comments or suggestions.
This
publication does not constitute legal, accounting or other professional
advice. Although it is intended to be accurate, neither the publisher
nor any other party assumes liability for loss or damage due to reliance
on this material.
Copyright © 2007 Integrity Marketing Solutions
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Adult Education
 Americans cherish their
personal independence. Each of us has the freedom and responsibility to make our own personal, health care and financial decisions upon reaching adulthood (i.e., age 18 in most states). If
you have loved ones who are young adults, or soon will be, then you should share this article with them. We will review some of the fundamental threats to personal independence encountered
by young adult Americans.
Incapacity
The print and electronic media remind us that life can take some rather unexpected and unpleasant turns. From automobile accidents to tornadoes, people often
are seriously injured in unexpected events. Aside from injuries, however, many people are incapacitated due to various illnesses, even though reports of their suffering rarely make the
evening news. The threat of incapacity looms over everyone, and disaster does not play favorites. Unfortunately for some, incapacity is both unexpected and permanent.
Whatever the cause, incapacitated Americans may lose more than the ability to care for themselves. In the absence of proper legal planning, they also lose the
ability to select their own backup decision-makers for personal, health care and financial matters. By default, a court makes that selection through a legal process that may employ at
least three lawyers, cost thousands of dollars and expose private personal and financial information to the public record. Thereafter, the backup decision-maker selected by the court will
remain under its supervision, further adding to the ongoing expense and red tape. Truly in these cases, an ounce of legal prevention is worth a pound of legal cure.
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Carrots & Sticks
 Whenever someone lacking financial maturity receives an outright inheritance, it is typically good news for sports car (usually red in color) salespeople,
travel agents and high-end electronics dealers. [Some have termed this Affluenza.] Is that how you want your hard-earned wealth consumed? And what about the potential long-term
damage to your heirs?
The Incentive Trust is one increasingly popular antidote to this dilemma (short of spending your kid’s inheritance, as the popular bumper
sticker proclaims).
Incentive Trust Antidote
As the name implies, an Incentive Trust is one in which the Trustmaker sets standards of conduct or achievement that must be met before distributions are made
to or for the benefit of a beneficiary of the Trust. These standards may include such incentives as completing a certain educational level, becoming self-supporting through gainful
employment, volunteering for charitable causes supported by the Trustmaker and even avoiding drug/alcohol abuse.
However, Incentive Trusts may not include provisions that are considered contrary to public policy. Such provisions include those that may disrupt family
relationships by encouraging separation or divorce, foster neglect of parental responsibilities, prevent marriage or discourage the performance of public duties. Otherwise, the scope of
permissible incentives is limited primarily by your creativity as the Trustmaker.
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Workshop Schedule
Joseph regularly presents seminars to
financial professionals and prospective clients at which he teaches
modern estate planning techniques. There is no charge for the seminar.
It is highly recommended that spouses attend together. Reservations
are required - please call the office for reservations and
directions: (573) 221-0080; or, if you are outside of Hannibal, call
toll-free (866) 566-0088.
View
our schedule ...
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QUICK
TIP
Is
it Time to Review Your Plan?
Proper estate planning is a process, not simply a one-time event. Therefore, it only makes sense to
periodically review your planning goals and legal instruments. Review this list of life changes that could alter your estate-planning needs. If you notice some areas that might apply
to you or your family, it may be time for an estate plan check-up.
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Marriage, remarriage
or divorce.
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Death
of a spouse.
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Substantial
change in estate size.
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Death
or incapacity of an executor, trustee or guardian.
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Move
to another state.
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Acquisition of property in another state.
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Birth
or adoption of a child or grandchild.
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Serious
illness of a family member.
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Change
in business interest or retirement.
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Change
in insurability for life insurance.
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Marriage
or divorce of a beneficiary.
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Change
in beneficiary attitudes.
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Financial irresponsibility
of a child.
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Change
in tax law.
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More
than two years since review of plan with attorney.
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Ask
Yourself These Important Questions About