VIDEO TRANSCRIPTION – The history of wills and why they exist. As we recently got a couple of phone calls with clients, we’re talking about tax strategies. We go over the extra strategies, for example, a will or trust. Now, the history of wills came about through ancient society with countries like Egypt, Greece, and Rome.
As a result of this, these leaders would take, when the rich people would die, the leaders would then take the money and all of the assets and they would go towards the throne. These wealthy people thought about it. They created what we would now call today an insurance policy where the leaders would get X number of dollars and the wealthy people could bequeath and give the assets to the family members that they wanted to give to.
Hi, I’m Stephen D. Cooper, also known as Coach Coop with Cooper’s Accounting Service because your financial freedom matters. If you’d to learn more great tax tips, download a popular guide at our website, yourfinancialfreedommatters.com. As defining what a will is or a living testament, it is something that you write down
that you legally register with the court, typically in the county that you reside in, where you want to give property or certain assets to the people that you want to give to. As a result of this, we recommend that you have at least two executors, one that represents the mother side, one that represents the father side.
That way, God forbid, Both parents die, the children are minors. Each side gets to have a say so in the ring of the children.
We don’t always care for wills because they can have an option of going through probate or being challenged. Trust very seldom can be challenged, but a will can. So we don’t recommend that to our clients, but it is an option that we recommend to our clients, some of our estate planners as well.
Within these estate planners, you…and us will give you options from a legal side as well as a tax side. So we try to give our clients a holistic approach in what they are trying to do when it comes to that particular extra strategy in life.
As I joke around with some of my clients from time to time, there’s a saying by Ben Franklin, there are two people that you’re gonna pay in life Taxes and debt if you get my drift.
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 out on our next video.
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