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Tuesday, June 17, 2014

Step One for King Fear

King Fear has decided that he wants to leave all his extensive property to his daughter Delia and Duke Loyal, and leave only a shed full of coal and his tattered luggage to his cruel daughters, Goneril and Regan.  But he doesn't want them to know about it, because he intends to be pampered during his planned rotating month-long visits with all his daughters. 

He's asked them to prove their love for him in exchange for a large share in his Will. And he plans to write his Will as he promised, leaving Goneril and Regan each half of his property.    But he also plans to secretly sell his various pieces of property and put them in land trusts.  In those trusts, he will authorize a bank to be the official title holder on the properties, as Trustee for him.  The bank's power will be limited to holding title and following Fear's directions to sign documents that affect title, such as a mortgage or deed. 

Only the bank will show in the public records as the owner of the property.  Even the tax bills can be sent to the bank, to be forwarded to Fear.  So Fear's name will not be on the public records at all and what property he owns will be his secret.

Next week we'll talk about how the land trusts allow Fear to secretly leave his secret properties to Delia and Loyal.  Meanwhile, for help with your own estate plan, please call our office at (815) 436-1996 for an appointment.  © 2014 Gruber Law Office, Ltd.


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