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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (32398)	9/27/2000 10:45:43 AM
From: sditto	Read Replies (1) of 54805

Mike, My Dad created, with the help of lots of tax attorneys and accountants, an estate plan consisting of a limited family partnership, revocable living trusts and irrevocable insurance trusts for he and my Mom, an irrevocable family trust for parts of his estate, and a qualified personal residential trust for the house. Unfortunately, my Dad passed away last year and I became the trustee for these trusts. The good news is I saw how these trusts work up close and the degree of tax sheltering and legal protection of your assets is awe inspiring. Today, much of my investing activity is done on behalf of my Mom through the limited family partnership and her IRAs which are in her revocable living trust. Since that time I found and read Estate Planning Made Easy by David Phillips & Bill Wolfkiel. The trust mechanisms I discussed above are clearly discussed and diagrammed in this book and since their recommendations matched what I saw work in real life I used a local attorney to help draft a similar plan. Estate planning is a highly complex subject and I wouldn't recommend doing it without a professional but this book will let you talk with the professionals in just a few days. Upon reflection, the part I would add is the trusts are a piece of cake compared to the decisions that need to be made around kids in the event of your mutual demise. Deciding who would get custody and how and when they would receive money were the real tough decisions. Through the process, I realized the implications were much larger than I ever imagined. In the end, my approach to parenting changed a bit and I consciously took steps to ensure my kids are raised in a way that ensures lots of people would be happy to take them in and that they would know the value of money and could use it responsibly when they come into it. It made me smile when BB took his kids on the tour of Silicon Valley because it sounds like he came to a similar set of conclusions. Best of luck in your efforts.

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