However, from what I can tell, she has absolutely no money management skills. In fact, that’s one of the main reasons we broke up.
I mean, seriously—she bought a pair of designer jeans for $80 that look like they were attacked by a small gang of rototillers.
And who needs that many pairs of shoes? I swear, she could sprout several new legs from exposure to toxic radiation, and she could still go a month without wearing the same pair twice.
And don’t get me started on her “taste” for fine food. A salad should be a salad. Even at the most high-class establishment in the area code, no salad should cost $35 unless it grants wishes or infuses the eater’s body with chloroplasts—allowing him or her to gain energy and sustenance from mere exposure to sunlight in the same manner that plants do.
Not only that, she always pushes doors that say “pull,” drives the wrong way down one-way streets, and last week, I actually convinced her that eating dog food would help her hair grow faster—since it seemed to work for her Lhasa Apso.
But like I said before, she is lovely.
As the saying goes, she may not have much upstairs, but what a staircase.
Still, if I were you, I’d be quite worried about what this means in terms of the distribution of your assets when you and your husband pass away.
She’s your only child. That means that, at some point, she’ll likely end up with virtually all of your collective assets.
Mrs. Brown! Wake up, Mrs. Brown!
You fainted there for a second.
Okay, I know the thought of your daughter ending up with everything….
Mrs. Brown! You fainted again.
Tell you what. Instead of mentioning the problem again, let me just tell you that there’s a solution.
Imagine leaving money to your daughter in a safe deposit box that only a prudent person or entity—like a bank or financial advisor—would have the combination to.
That way, if she wants to take out a few thousand dollars so her next boyfriend can buy a motorcycle, the person in charge of the safe deposit box would have to follow your directions in deciding whether or not she can receive money for that purpose.
Well, that’s the way that trusts work. The trust is a metaphorical safe deposit box, and the person or entity with the combination who follows your instructions is called the “trustee.”
Utilizing a trust, you’d be passing your wealth along to her—but in a manner that is much safer than just letting her have all your assets outright. Leaving an inheritance in trust also protects your beneficiaries from creditors, lawsuits, and divorce.
Anyway, that’s all I came over to tell you, Mrs. Brown.
Now, if you’ll excuse me, I have a date.
I know it may seem a little soon for me to be dating someone else, but last night I met a new girl in the neighborhood.
To learn more about the benefits of leaving an inheritance in trust for your loved ones, contact Drew Rogers at 501-221-7776 or email him at firstname.lastname@example.org.