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What Is A ‘Revocable Living Trust” And Why You Need One

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Revocable trust on a wooden desk.

 

Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here

    I conclude this Basic Estate Planning Series with an explanation of the centerpiece of a proper Estate plan…The Revocable Living Trust

“What Is A Revocable Living Trust?”
     A Revocable Living Trust (RLT)  is a document you sign that provides for the transfer of all the assets in your Estate upon your death.

    Most people believe that its the WILL that transfers your assets..  A Will CAN transfer your assets upon your death if a Will is all you have.

    Remember, if you have a Will, your heirs are REQUIRED to file that will with the Probate Court of the County where you died and the Probate Legal Process takes over…..a costly and time consuming legal court process where your entire estate is made public and  anyone with a possible claim can file a petition with the court and adjudicate that claim.

    On the other hand, with a RLT all your estate assets are listed and you provide for any gifts and transfers you wish to make right in the Trust.

    The big differences are:
==the RLT is completely private…no court filing
required
==the RLT names a Trustee to handle the affairs  of the
RLT…not a court who names an administrator.
==you save time and court expenses

You Can Make Changes To Your RLT
    As long as you are alive and mentally competent you can make any changes you want to your RLT.However, once you become mentally incompetent(as determined by provisions of the RLT itself…no court determination required) or die, the RLT provisions become locked in and no changes can be made by the Trustee.

“Ok..But Why Do I Need Revocable Living Trust?”
    Glad you asked!!      Let’s say you own your personal home and maybe a vacation home.  The title to each of these parcels of real estate is you and your spouse in joint tenancy or tenancy by the entirety (which means if one of you dies the surviving spouse has automatic title to the real estate).

     The problem with this type of title is…..what if BOTH you and your spouse pass away at the same time..???  

Answer:  the real estate has no living title owner and the heirs must GO TO PROBATE COURT to sort it out….not good.  Expense, delays and possibility of disputes with potential creditors.

       ALL of your real estate should be titled in your Revocable Living Trust.  The RLT states that both spouses are GRANTORS of the RLT and also provides a Trustee to take over administration of Trust after the last of the two Grantors dies.      

     Without this RLT in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business.   

     Besides the expense of hiring a Probate Attorney
($2500 to $5,000 minimum Retainer plus ongoing
hourly legal fees), the case could take 12-18 months
to resolve.  Add THAT potential cost up at $375/hour or more per hour!!!

Eliminates The Expense And Delay of Probate

Without this RLT
in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business.   

     Besides the expense of hiring me as a Probate Attorney ($2500 to $5,000 minimum Retainer plus ongoing hourly legal fees), the case could take 12-18 months to resolve.  Add THAT potential cost up at $375/hour or more!!!

Reach Out To Me If You Have Questions.  
If you have comments or questions about any of this…

CLICK HERE  to schedule your FREE CONSULTATION

OR

send me an email : ironkop@gmailcom or

if reading on my blog or Facebook page leave your questions or comments below.

Remember…..
“Things Don’t Get Better With Neglect…..”

Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
www.KevinPLaw.com
ironkop@gmail.com
312-505-1957

“Failing To Prepare….”

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Just south of Saw Mill Creek…
Hey Kevin Pritchett here:

There’s really not much I can add  to the quote above…..

“Remember things don’t get better with neglect…..”

CLICK HERE TO SCHEDULE APPOINTMENT

Kevin Pritchett, Esq
Insurance Planning
Law Office of Kevin Pritchett

312-505-1957
ironkop@gmail.com

CLICK HERE TO SCHEDULE APPOINTMENT

What Is A ‘Revocable Living Trust” And Why You Need One

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Revocable trust on a wooden desk.

 

Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here

    I conclude this Basic Estate Planning Series with an explanation of the centerpiece of a proper Estate plan…The Revocable Living Trust

“What Is A Revocable Living Trust?”
     A Revocable Living Trust (RLT)  is a document you sign that provides for the transfer of all the assets in your Estate upon your death.

    Most people believe that its the WILL that transfers your assets..  A Will CAN transfer your assets upon your death if a Will is all you have.

    Remember, if you have a Will, your heirs are REQUIRED to file that will with the Probate Court of the County where you died and the Probate Legal Process takes over…..a costly and time consuming legal court process where your entire estate is made public and  anyone with a possible claim can file a petition with the court and adjudicate that claim.

    On the other hand, with a RLT all your estate assets are listed and you provide for any gifts and transfers you wish to make right in the Trust.

    The big differences are:
==the RLT is completely private…no court filing
required
==the RLT names a Trustee to handle the affairs  of the
RLT…not a court who names an administrator.
==you save time and court expenses

You Can Make Changes To Your RLT
    As long as you are alive and mentally competent you can make any changes you want to your RLT.However, once you become mentally incompetent(as determined by provisions of the RLT itself…no court determination required) or die, the RLT provisions become locked in and no changes can be made by the Trustee.

“Ok..But Why Do I Need Revocable Living Trust?”
    Glad you asked!!      Let’s say you own your personal home and maybe a vacation home.  The title to each of these parcels of real estate is you and your spouse in joint tenancy or tenancy by the entirety (which means if one of you dies the surviving spouse has automatic title to the real estate).

     The problem with this type of title is…..what if BOTH you and your spouse pass away at the same time..???  

Answer:  the real estate has no living title owner and the heirs must GO TO PROBATE COURT to sort it out….not good.  Expense, delays and possibility of disputes with potential creditors.

       ALL of your real estate should be titled in your Revocable Living Trust.  The RLT states that both spouses are GRANTORS of the RLT and also provides a Trustee to take over administration of Trust after the last of the two Grantors dies.      

     Without this RLT in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business.   

     Besides the expense of hiring a Probate Attorney
($2500 to $5,000 minimum Retainer plus ongoing
hourly legal fees), the case could take 12-18 months
to resolve.  Add THAT potential cost up at $375/hour or more per hour!!!

Eliminates The Expense And Delay of Probate

Without this RLT
in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business.   

     Besides the expense of hiring me as a Probate Attorney ($2500 to $5,000 minimum Retainer plus ongoing hourly legal fees), the case could take 12-18 months to resolve.  Add THAT potential cost up at $375/hour or more!!!

Reach Out To Me If You Have Questions.  
If you have comments or questions about any of this…

CLICK HERE  to schedule your FREE CONSULTATION

OR

send me an email : ironkop@gmailcom or

if reading on my blog or Facebook page leave your questions or comments below.

Remember…..
“Things Don’t Get Better With Neglect…..”

Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
www.KevinPLaw.com
ironkop@gmail.com
312-505-1957

What Is A ‘Power of Attorney For Property’ And Why You Need One

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Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here

“What Is A Power of Attorney For Property?”   
  A Power of Attorney For Property is a document you sign that gives the person you designate the power to handle business matters for you in the event you are unable to make decisions for yourself.

     A Power of Attorney For Property is only applicable while you are incapacitated and alive. Once you become able to handle your affairs, the person named is no longer entitled to handle your affairs.  Alternatively if you die, the document is no longer valid.

“Ok..But Why Do I Need A Power of Attorney For Property?”
    Glad you asked!!      Let’s assume you have dementia and are no longer possessed of a mental state considered necessary to knowingly handle your business affairs.  In other words, in this example, you do not have the mental capacity to transact your business affairs. 

       With a valid Power of Attorney For Property
the person you name in that document to handle your business affairs can carry on for your benefit without your heirs having to file a petition in Probate Court to be named as a guardian.

Eliminates The Expense And Delay of Probate
     Without this Power of Attorney For Property in the same situation above, your family would have to file an expensive and time consuming petition with Probate Court for someone to be named administrator or guardian so as to transact your business. 

Besides the expense of hiring a Probate Attorney ($2500 to $5,000 minimum Retainer plus ongoing hourly legal fees), the case could take 12-18 months to resolve.   Add THAT potential cost up at $375/hour!!!

Reach Out To Me If You Have Questions.  
If you have comments or questions about any of this…send me an email :
ironkop@gmailcom
or if reading on my blog or Facebook page leave your questions or comments below.

Remember…..
“Things Don’t Get Better With Neglect…..”  

Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc
ironkop@gmail.com
www.KevinPLaw.com
312-505-1957

If Your Message Sucks….Social Media Won’t Save You!!

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Hey Kevin Pritchett here:

I wish I had a dollar for every blog post and article I’ve read recently professing to tell me aka SELL ME the latest, greatest magic bullet that will guarantee me people will stay glued to whatever message I’m sharing with them…I believe the new buzzword is “engagement.”

I’ll be darned if there aren’t even Vice Presidents of Engagement…what the ????

A Stroll Down  Memory Lane  

Remember just a few short years ago when EMAIL was supposed to be the business ‘game changer’  and most especially in ‘sales conversion’..fancy language for convincing prospects to buy your stuff!!

Then it was AUTOMATED EMAIL FOLLOW UP..not just one email but a series of emails in order to stay in front of your prospects until they bought from you.

Then came VIDEOS in your emails…seems if you showed a movie of yourself selling people stuff (without any real regard to what you were trying to sell them…) it was supposed to AUTOMATICALLY make them like you, trust you and buy from you…ok!!

Next, SMS or TEXT messaging was supposed to be the end all…97%+  response rates i.e. people are curious and open texts more than emails…and THAT was the secret to making sales…uh huh right!!

Ok..then the bold new world was….yep…SOCIAL MEDIA ENGAGEMENT.  Yep..if somebody put something on Facebook or Instagram or Linkedin or a blog  or wherever…. that was supposed to make us  engage with it more and like it and you more….YEAH RIGHT!!

First of all…nobody who’s successful spends much time on social media…we’re out in the world doin stuff!!      The people who are on social media are people trying to sell us stuff….yeah dammit I said it!!

                        There Is Only ONE Magic Bullet…

And it ain’t (yeah I said ain’t!!)

–email
–autoresponder follow up
-SMS
-social media…

or ANY type of media.

The ‘magic bullet’ of business and human interaction of ALL types for that matter is ….

PROVIDING VALUE 

If you understand your audience well enough to know what keeps them up at night, what they desperately want…..

and you give them what they desperately want….

People will read your letters, emails, videos or whatever.  But if you’re a horse’s arse and offer nothing of value in your emails, videos and social media posts but more emails, videos and social media posts…THE MEDIA WON’T MATTER…AND NEVER WILL

If I want a Porshe 911 sports car and you keep offering me a family minivan…will your social media posts matter one bit???   NOPE!!

Engagement comes from offering somebody something THEY want…not something you want to give them..PERIOD…END OF STORY!!

Sending lame videos day after day after day without providing solutions to what your prospects want irritates your audience and is ultimately a waste of your time.

So save your shekels..you don’t need the latest course, high priced coaching, social media video software or whatever……

The only magic bullet there is and will ever be is….

Working hard at knowing what your target market desperately wants…..And giving it to them!!

I don’t know about you…but I sure feel better now!!!

Remember…..
“Things don’t get better with neglect….”

Kevin Pritchett, Esq
Founder-Founder/CEO Business Collective

 

 

 

 

So Paying Taxes May NOT Be Inevitable After All!

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Hey Kevin Pritchett here:
You’ve heard the old saying…

‘2 Things In Life Are Certain…Death and Taxes’

Well it appears that old saying is only HALF right…    There is a safe, legal, tried and true strategy for receiving TAX FREE income.   First, a little background on how we’ve ALL be suckered punched!!

The 3 Tax Buckets
 To keep things simple, there are 3 main ways your money can be taxes…

1.  The ‘Tax Now’ Bucket.
‘Tax Now’ category…otherwise known in tax parlance as ‘ORDINARY INCOME’..the highest tax rate there is.

This is money that is taxed immediately upon and and in most cases even BEFORE you receive it. Examples of ‘Tax Now’ money include:
-current W-2 wages
-bank CD income (outside of an IRA or 401k)

‘You’ll NEVER Accumulate Wealth in ‘Tax Now’
This category should be most familiar those of you who have a regular job.   Uncle Sam (and your state tax agency) take their money even before you get yours…and you get what’s left.   You want to remove as much as possible from this category as fast as you can.

This tax categorization is the main reason (in addition to wealth accumulation) we all became business owners.  The extent to which you can minimize exposure to this ‘Tax Now’ category is the extent to which you will accelerate your wealth accumulation and advance yourself toward TAX FREE income status

Tax Free Income Plans
    When you know the tax traps and how to avoid them, you truly can exclude almost all of your wealth from taxes.  In fact I have clients who I have created TAX FREE income plans who receive $50,000, $100,000 or more in TAX FREE income every year and will receive it for the rest of their lives.

Tomorrow I’ll unpact the second of the 3 Tax Buckets…the Tax Later Bucket.

“Remember,things don’t get better with neglect…”

Kevin Pritchett, Esq
Law Office of Kevin Pritchett
JPI Ventures LLC
Founder- The Founder/CEO Business Collective (FBOC)

P.S.  If you just can’t wait put your email in the box to the right and receive my 7 part Business Owner Tax Free Income Special Report and Videos in your email inbox immediately.

 

 

Character Matters…In Business And In Life..A Lot!!

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Ok right at the outset some of you won’t like what I’m about to say.  But quite frankly I don’t really care…because its too important not to say….

    Character matters in business and in life…
it matters a lot!!

Day after day we’re bombarded with stories of …

–unscrupulous business practices
–unscrupulous political practices
-unscrupulous personal practices

“It Feels Like Life Itself Is Unraveling”

A colleague said something to me a while ago that has haunted me for months.   She was describing the general malaise she was feeling in her business and life and she described it as if

“life was unraveling…that nobody and nothing had any meaning anymore.”

Think on it…if none and nothing can be relied upon to be telling the truth, or to deliver value or to care about anyone other than gratifying themselves in the moment…..I guess life REALLY IS unraveling.

The  ‘Moral Bankruptcy’ of President of The United States

It’s ‘over the top’ bad when the President of the United States is being investigated or all manner of alleged misconduct including not one but SEVERAL encounters with prostitutes.

And what’s most mind boggling about the Presidential escapades is that the base of followers who support him ARE NOT PHASED ONE BIT!!!

The explanation is that ‘as long as the President supports the policies WE WANT, he can do whatever.”

Here’s The Part That Will Piss You Off…..

We can’t afford as a nation, a society to be so self serving and self concerned that we turn a blind eye to moral defective character….IT IS ABSOLUTELY NOT ACCEPTABLE.

So…the ‘take home’ message for business owners….

CHARACTER DOES MATTER….
for Every client
for Every customer
for Every vendor
for Every employee

For if what we do as business owners does not support the general improvement of our customers/clients/employees and ultimately society….we are doing fundamental injustice to the society and ultimately ourselves…and furthering the unraveling of the social and moral fabric of our society.

Now…I said it!!!

Tell me what YOU think!!

“Remember….things don’t get better with neglect.”

Kevin Pritchett
Law Office of Kevin Pritchett
Founder-The Founder/CEO Business Collective

P.S. I’m DEAD SERIOUS about wanting your feedback on this post…don’t be apathetic…SPEAK UP!! Post your comments below.