Trusts: Buyer Beware

September 23, 2016 at 4:13 PM | Posted in A Conscious Life, Can you Trust Your Trustee?, Think, Trusts | Leave a comment

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Rocco Beatrice Sr. and Jr. of Ultra Trust were on my show recently to share their incredible insights when it comes to protecting your family’s financial future and legacy.

Rocco Beatrice stated that “Revocable Trusts” ARE NOT worth the paper that they are printed on! So why are they so heavily promoted? And how are they different from “Irrevocable Trusts?”

They are promoted because they make money for the people who create them. Secondly, Ultra Trust made it clear that “Revocable Trusts” do NOT protect you nor your assets from predators, lawsuits, etc.

Check out the interview in the Archives and his web site at http://www.ultratrust.com

And how can you trust the Trustee? A Trustee should only be a Co-Trustee with an Overseer of the whole Trust to bring a balance of power and accountability. ¬†What happens when the Trustee is also “Power of Attorney” and has too much power? Nothing good comes from any one person having all of the power over a Trust. What credentials should these individuals have? A CPA , CFP designation and a whole lot of experience and with a recognized, honorable Financial Firm.

Have you seen how many Attorneys offer their Trust creation services? There is an old joke that says if you want to teach an Attorney to make a million dollars, you first need to start them out at two million!

Rocco Beatrice Sr. says in one of his You Tube videos that Attorneys squeeze people for a living, so to have an Attorney without a qualified CPA is just asking for a lot of trouble.

This is a great show. I am personally seeing the chaos that can unfold with a dishonest Trustee [who happens to be a Lawyer] who granted themselves as the primary Beneficiary and literally robbed my elderly [and now deceased] Grandmother before the actual Beneficiaries were remotely aware of the larceny and fraud.

“Buyer Beware” when setting up any Trust is something that every family should be awakened to.

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Remember to have a team of professionals with CPA backgrounds and at least one trusted family member who is capable of being impartial, level-headed, and mindful of the wishes of the Trustor[s].

 

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