PPOA Executive Director
wquint@ppoa.com
Well … January 2024 has come and gone. Have you been able to keep your New Year’s resolution so far? Don’t worry if you have not, and if it is any comfort, you are not alone! According to the Ohio State University Fisher College of Business, researchers suggest that only 9% of Americans who make resolutions complete them. Even more astounding is that 23% of people quit their resolution by the end of the first week, and 43% quit by the end of January.
If your New Year’s resolution was to create a living trust for your family and you haven’t started this critically important estate planning process, do not allow yourself to join the “91%” club. You still have at least 10 months to protect your family. If creating a living trust wasn’t your resolution, then please make 2024 the year you get a living trust because, as all PPOA members sadly know, “tomorrow is not promised.”
Since October 7, 2023, PPOA has tragically experienced the unexpected passing of six active members. Nobody likes talking about death. But this is exactly why every PPOA member should create and maintain a living trust: You and/or your loved one simply won’t be there to settle matters when the time comes. Not only does a living trust make good financial sense for you, but it also protects your family from the time, hassle and expense of having to go through probate. Additionally, a living trust ensures that your estate is divided up and distributed according to your wishes, which really helps your family avoid the anxiety and conflicts that almost always come with settling an estate after the death of a loved one.
Setting up a living trust for your family allows you to keep control of your assets and provides an easier way for your family to deal with issues should you become incapacitated. It also allows you to distribute your estate to your children in a more measured and controlled way in order to avoid problems they may have when it comes to inheriting money.
In 2006, my wife and I set up a living trust as we were going to travel abroad for an extended period of time. As our two children were now young adults and we had been in our house for 18 years, we were advised to consider creating a living trust. By the way, this wasn’t the first time we were advised to do so, but nonetheless, we finally acted, joining the vast majority of people who started with a revocable living trust. A revocable living trust can be revoked or amended by you and does not require legal action. An irrevocable trust cannot be changed without legal intervention.
In 2020, my wife and I decided to “restate” our 2006 living trust, as we were blessed with additions to our family. We decided to use United Estate Planning, Inc. to prepare our restated living trust. The trust package was specifically designed as a means to organize our estate for rapid settlement. Additional benefits of working with United Estate Planning, Inc. were advisement, free of charge, of any significant changes in tax laws affecting our estate, complimentary lifetime legal advice regarding our living trust and updating our living trust periodically, upon our request, at a reasonable cost based upon their fee then in effect. Most importantly, because of my association with PPOA, I received a discounted price for the preparation of our living trust package!
PPOA is extremely proud to continue its professional relationship with United Estate Planning, Inc., and as one of the many benefits of being a PPOA member, a discounted price for a living trust. Please make 2024 the year that you give your family peace of mind, knowing that a key piece of your estate planning is completed. Please do not hesitate to contact PPOA for additional information or directly contact United Estate Planning, Inc. trust counselor Ron Archuleta at (714) 521-4882 (cell)/ (714) 637-9840 (office), or visit www.unitedestateplanning.com.