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Evane Abbassi, founder and author of the Legendary Wills and Trusts 12-in-1 Software, has a Juris Doctoral Degree and holds an LLM degree in tax and estate planning. A degree that 6% of all lawyers hold. She is a Trustee for some of the wealthiest families in the US. Learn more about Evane's simple 12-in-1 Estate Planning, Wills and Trusts Software at .
It was a matter of seconds. At birth, the fetus did not get enough oxygen in her brain. Eli was born perfectly normal physically, but with serious learning and motor impediments. When she turned three, it was obvious to everyone. Eli was put under psychiatric treatment and prescribed some heavy medications to control her severe hyperactivity, attention deficit and erratic behavior.
The medications were effective - partially taking care of some of her symptoms - but their side effects were devastating. [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] Eli lost all her body hair, including [url=http://www.eastscotinvest.co.uk/mulberry.html]mulberry outlet[/url] her eyelashes and eyebrows. And even when she was able to socialize up to a certain degree, Eli would [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] never be able to advance much in academics or hold a job, get married or raise a family. In other words, Eli was a "special child". She lived in a special world. Eli would always need close assistance and medical care. Also, some of her medications were quite expensive.
Knowing this, Tom, Eli's father, a successful entrepreneur, became deeply concerned about Eli's future. He was especially concerned about Eli's welfare in times when he wouldn't be around to provide for her. Who would pay for Eli's home care and medical needs once he'd leave this existence? He decided to consult his attorney.
The attorney suggested creating a trust on Eli's behalf. He would draft [url=http://www.mansmanifesto.com]www.mansmanifesto.com[/url] a legal document establishing an agreement between three persons to take care of all of Eli's future financial needs. This it how he explained it to Tom:
Tom would the "trustor", the owner and founder of the trust. Tom would deposit an initial amount of money in a trust bank account. That account would be in the name and managed by an administrator. Legally this person is called the "Trustee". The trustee would be in charge of issuing all monthly payments related to Eli's medical and home care. The trustee would also keep record and prepare reports of all financial transactions related to the trust fund. Eli's financial needs included shelter, food, clothing, medications, entertainment and someone to watch her. The trustee would make sure these service providers [url=http://www.bankonco.com/hollister.php]hollister france[/url] would get regularly paid to avoid [url=http://www.eastscotinvest.co.uk/mulberry.html]mulberry sale[/url] any interruption of the services. Eli of course, would be the "beneficiary", the person on whose benefit the trust was formed. Tom would be able to transfer money to the trust bank account as needed. This is called a "special needs trust". This is one type of "inter vivos" trust, meaning that it works during the trustor's lifetime.
Eli's dad would have to create a "testamentary" kind of trust as well, the attorney suggested. This kind of trust becomes effective only at the time of one's death. This trust would be created in [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] Tom's Last Will. Some of Tom's estate property would be destined to fund Eli's trust fund.
Eli's mom, Theresa, was [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] enormously pleased when Tom got home from consulting his attorney and told her the news. The couple could now stop worrying and dedicate their lives to nurture and enjoy Eli's company, instead. Once away, they both would be able to rest in peace knowing that Eli would be provided for with everything she would ever need, even in their absence.
There are several other considerations to take into account when forming a Trust. You might want to designate a family member as trustee or hire an accountant. In the latter case, [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] you would provide how much this person would be paid for his or her services. You can do all sort of different things when creating a [url=http://www.materialistanyces.com]louboutin pas cher[/url] trust and there are trusts for every particular need. The greatest advantage of forming a trust like Eli's is that the property you pass unto it is exempted from estate taxes. Also, the property transferred to [url=http://www.davidhabchy.com]barbour sale[/url] a testamentary trust does not go into probate court, becoming accessible to the beneficiary regardless of every other consideration. Trusts are a great way to save money [url=http://www.mansmanifesto.com]doudoune moncler homme[/url] and to secure someone else's 'less fortunate- future.
This article intends only to demonstrate one of the many ways a trust can take care of one family's concern. To create a trust, you may want to seek professional assistance.
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