Article published by moneywise.com
Written by Bethan Moorcraft
“If you love your kids, don’t leave anything to them when you die, according to one California-based attorney.”
“Instead, you can save your loved ones from serious financial (and legal) woes by creating a living trust and making them beneficiaries, says Brittany Cohen, an estate planning and asset protection lawyer.
“The attorney — who raises awareness about money management, wills and trusts on TikTok — recently went viral for her video: ‘Six things as a money protection attorney I would never do.’
“She also shares the one thing you should do to protect your heirs and set them up for success when you’re gone.
Trust in trusts
“I would never leave anything to my kids when I die,” Cohen says in a hard hitter right off the bat.”
“Instead, the attorney says she would put everything — including her life insurance accounts and her bank accounts — in a living trust, or revocable living trust, and she would name her kids as the beneficiaries of that trust.
“A living trust allows you to manage your assets in your own name for as long as you’re able. The word “revocable” means the trust can be undone or changed.
“You’ll have to name a “successor trustee” — which can be a family member, friend, a private fiduciary or even a bank — who can take over managing your assets in case of reduced mental faculties or death.
“One of the most common misconceptions is that you need to have a lot of money to set up a trust — but that is “simply not true,” according to Cohen.
“Trusts are for the middle class too,” she states in the caption of her TikTok video, which has been viewed more than 1.2 million times and received almost 2,000 comments.
“She explains why in a separate clip: “Putting a trust together generally is for the benefit of somebody else.
“The question you need to ask yourself is: What experience do I want the people who I love to have to go through in order to become owners of the assets I want to transfer to them?”
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.