While watching the construction of the office/home addition to Priscilla’s home in 2006 for Patricia and family, we had a plan in mind other than just adding on space.  We were meant to rearrange home ownership and inheritance. 

We decided on using a formula to do it, which we would base on the mortgage payments and amount of principal loan still outstanding after the older generation’s deaths.  Having a formula determine how much ‘extra’ of the house Patricia inherits after her parents’ death suits us.  [After all, Patricia did do better at equations with variables in them than those using numbers back in algebra, and her sister, Jeanette, is a number-crunching CPA.] 

But where should we put this fabulous, fair, and powerful formula?  We have ownership to the house in a land trust.  And Priscilla and Ed have revocable living trusts detailing how they want their assets at death to pass to the next generation and those near and dear to them. 

The revocable trusts are the most private documents we have in their estate plan, and changing them requires nothing more than writing it up and signing it with witnesses.  No bank or other third parties needed.

Our formula fits neatly in Priscilla and Ed’s revocable trusts.  Such trusts are one way to keep your plans private, even after your death.  To discuss ways to achieve your own family’s goals for your family’s future, please call our office at (815) 436-1996 for an estate planning appointment.  ©2012 Gruber Law Office, Ltd.