The TreeceCo Report 

By Tony Treece
May 09, 2014 

In the early 1990s, I had a retired couple who were good as gold as clients. They were a pleasure to work with, and I enjoyed each meeting we had. The husband had built a diesel mechanic shop in North Charlotte that thrived. Naturally, as their estate grew and as they aged, they began seeing the need for a living revocable trust.

When they initially asked me about estate planning, I was as clueless as they were about it. The three of us knew they needed help, but we didn't know where to start. They commissioned me to locate an attorney, and I began learning all I could about estate planning. I went on to become a Certified Estate Planner after learning even more than I could have imagined about estate planning.

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This couple had a unique situation, as they didn't want their estate split between their three children equally for various reasons. However, they made their son their legal "representative" should they not be able to make decisions for themselves.

Not long after we finalized their living revocable trust, the wife was diagnosed with Alzheimer's disease. The son then had to begin helping his elderly father care for his mother.

Things continued to get worse for my clients when the husband slipped and fell. After that he could no longer care for his wife at all. The son had to begin caring for both of his parents, and he could because legally he had access to use their money to help care for them.

Had our clients delayed in setting up their trust, they would not have been able to do it if she had Alzheimer's. We never know what is around the corner for us. Preparing for the unexpected so that your children or caregivers do not have to use their own resources to care for you is essential to leaving a meaningful legacy.

You may be saying, "I've never heard of this. This must be a type of new thing." Despite many in the legal profession hoping to keep it a secret, it's actually been around for centuries. The earliest recorded living revocable trust dates back to 800 A.D.

The first recorded instance of a living revocable trust being used in America was in 1765. Patrick Henry prepared the trust. As demonstrated, the living revocable trust has been around for a very long time.

At our Coffee and Dessert next Thursday, May 15, 2014, we will discuss ideas that you should consider when deciding whether a "will" or living revocable trust is most appropriate. You can RSVP by emailing or calling our office at 855.534.4653.

Questions? Call 855.534.4653 or Email  

All legal advice will be directed to licensed professionals who are appointed to practice law in the applicable state. Tony Treece is a fee based financial advisor who is also a Certified Estate Planner (CEP). Tony Treece has a fiduciary obligation to put the interest of our clients first. He is not an attorney and will not give legal advice.