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What Happens if you Die Today? Estate Planning Basics III: Trusts PDF Print E-mail


Most of us don't want to think about dying, let alone what happens to the ones we care about after we die. It isn't a fun subject, besides, it won't happen for a long, long time – right?


Wrong! It's not only the old that die. The news is full of stories about unexpected deaths – a pile up on the highway, climbing and skiing accidents, drownings and etc.

If you are truly interested in building your family's legacy and wealth across generations, successful wealth transfer is obviously critical. An understanding of the basics of estate planning is a part of building a successful multi-generational wealth transfer plan.

This article is the third in a series reporting on the basics of estate planning.

Why have a trust?

  • Avoid Probate Court

  • Potentially reduce some estate taxes

  • Keep your affairs private

  • Provide for your incapacity during your lifetime

  • Encourage your heirs do use your money a certain way

  • Protect a disabled dependent

Read more - What Happens if you Die Today? Estate Planning Basics III: Trusts
Pros and Cons of Starting a Family Investment
Tuesday, 24 September 2013 15:53

Our family has tossed around the idea of building some sort of financial investment together – whether that be through joint ownership of a rental property; building a family trust (aka 'family bank') or some other shared financial investment.


We come from a long line of generations where each generation has been separate and distinct. One of my Father's favorite sayings was 'never do business with family'. That said, there are reasons a family might want to start a joint investment pool – as well as cautions in doing so.


So, what are some pros and cons of starting a family investment?

I'm not really talking about a family business – more like joint investing. Parents, grandparents and children all contributing money or assets to start an investment pool.


Sam Walton created one when he started the family partnership with his wife and children. It held the stock from the start of Walmart.


Bill Gates has one, he sells Microsoft stock each year to fund a family limited liability investment company.


What Are Your Family's Money Values?

Success Wealth Money

These are the yardsticks against which we are measured. When we attain them, we want to pass the financial rewards along to our progeny but we don't always realize the repercussions. Will our families benefit or be harmed by our success and wealth? Will our kids or grand-kids run through our hard earned money? How do we use our wealth to provide opportunities, but yet make sure we don't suck away our descendents self esteem and drive? How can our family benefit for generations to come. These are the types of questions this website strives to focus on for you.


Our Goal at FamilyMoneyValues.com is to help families maintain and build wealth for generations.


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