VIDEO TRANSCRIPTION – Estate Planning. If it’s not written down, it would not be done. I’m going to share a story from our client’s file. Hi, I’m Steven D. Cooper, also known as Coach Coop from Cooper’s Accounting Service, because your financial freedom matters.
If you’d like more great tax tips, download our proper financial guide from our website yourfinancialfreedommatters.com below this video link We had a client Whose mother had three children the oldest child was the primary caregiver Mom told the oldest child I’m gonna give you 30 million dollars
15 mil goes to you, 7.5 goes to your brother, and the other 7.5 goes to your sister. Daughter said, okay, mom dies. Daughter said, well, mom left me $30 million. I guess mom wanted me to keep the $30 million. So obviously the two siblings were… financially impacted by this and the emotional struggle is beyond belief.
You can’t imagine that one would think you about to inherit at $7.5 million and you get zero. They eventually took their sister to court. They even had the trust advisor as the key witness. Sadly, how to trust was written.
The judge had to… going in favor with the oldest sister, even though the judge knew that the oldest sister was lying. Legally, he had to go with the legal binding of a trust. That’s the reason why we suggest that you have tax advisor, financial advisor, and the trust advisor all get together and come up with a single plan that benefits the clients.
Last instructions before they depart from here. Sadly, that was not done the way that it should have been done because mom thought that the oldest sister, who’s the primary caregiver, felt that she would be doing the right thing to her other two children. So you had cousins that did not get a chance to meet who they were until they came of age and was going to college together.
And they eventually realized what mom did, even though they could not change that, they lost respect for their mother because they know that they she basically stole $15 million, which is sad yet true.
For more easy financial tips, sign up for our financial newsletter by going to yourfinancialfreedomsmatters.com or click on the link below. You can also download our financial guide as well. If you like a free 20-minute smart money consultation, call us at 562-436-2600. Well again, I’m Steven D. Cooper, also known as Coach Coop Cooper’s Accounting Service.
Don’t miss our next video, which we will share the history of wills how they came into existence.
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