Old Mother Hubbard went to her cupboard to fetch her dog a bone. But when she got there the cupboard was bare and so her poor dog had none...
When families plan for their future, they will commonly set up entities (LLC, company, trust, etc) to protect their assets or help streamline transfer of their property. Oftentimes, however, an important step is forgotten: Funding.
Funding is the process of placing assets or property into an entity - transferring ownership of that asset to the entity itself - so that the entity can control it either as the owner or as a beneficiary, etc. If an entity, such as a trust, is not funded correctly with the assets it is meant to protect, it cannot adequately do its job. In the case of a trust, that means that the family's estate will still have to undergo probate proceedings to transfer assets into the trust, still pay for the probate process, and will still be unable to access or manage the property until the probate process is complete. So, Funding is an exceedingly important step in estate planning and preparation that often goes overlooked.
At Mother Hubbard's, we don't want your "cupboard" to be bare when you need it most. We can help make sure your plan works the way it's meant to, year after year. Not only will we help you initially fund your entity, we will remain in touch with you annually to help you keep your entity current with the changes in your life's estate plan. We help you stay up to date.
Contact Us at (801) 841-4275 to have us help you make your planning effective and worthwhile.
Funding is the process of placing assets or property into an entity - transferring ownership of that asset to the entity itself - so that the entity can control it either as the owner or as a beneficiary, etc. If an entity, such as a trust, is not funded correctly with the assets it is meant to protect, it cannot adequately do its job. In the case of a trust, that means that the family's estate will still have to undergo probate proceedings to transfer assets into the trust, still pay for the probate process, and will still be unable to access or manage the property until the probate process is complete. So, Funding is an exceedingly important step in estate planning and preparation that often goes overlooked.
At Mother Hubbard's, we don't want your "cupboard" to be bare when you need it most. We can help make sure your plan works the way it's meant to, year after year. Not only will we help you initially fund your entity, we will remain in touch with you annually to help you keep your entity current with the changes in your life's estate plan. We help you stay up to date.
Contact Us at (801) 841-4275 to have us help you make your planning effective and worthwhile.
