If you want to make sure that you have secured your future as much as you can, you will want to find someone who can give you intelligent, unbiased personal financial advice. There are many people around who claim they are financial advisors but you want to be careful who you hire. You have to not only be able to trust them but you also want to be able to like them so you can work closely with them.
Fund the Trust: One of the most often missed steps in the eldercare planning process is FUNDING THE TRUST! Failure to properly fund the trust can create a huge void in the plan which will often require a trip to the probate Court after death.
If you die without spouse, children or parents, but are survived by brothers and sisters, then your estate will be divided equally amongst those brothers and sisters.
Their estate taxes have been drastically reduced, possibly even eliminated. Just as important, Nellie Mae’s children will get her portion of the estate and Ned’s children his. The farm that has been in his family for 8 generations will stay that way for a few generations more.
Creditors are also a consideration. Did you know that your child’s creditors could use your property to collect on the child’s debts? If your child is on title, the child is an owner. Creditors can lien real estate for collection of a judgment. They can garnish bank accounts. When that happens, it’s up to you to try to undo it. Proving something is really all yours, recovering funds, releasing a frozen bank account, or removing a lien can be very difficult and does not always work. It usually requires help from a lawyer – costing more than you would have spent on an estate trusts and wills.
Sometimes, people renovate their houses and will sell off vintage tubs or lightly used faucets through a garage sale. You can usually find some great buys for bathroom items at these sales.
The important thing is to do your research and figure out if selling royalties is the right thing for you. After all, there could certain situations where selling your royalties is not a smart move.