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FINANCE
How to Capitalize Your Wealth
IN YOUR LIVING TRUST
by Jill Ciccarelli Rapps, CFP® financial advisor knows so much about
Financial Advisor you and your family, they can assist you
in bridging what is most important to
A s you move through life, it’s important that you take the you with your legal documents that your
right steps to ensure your financial future and the future attorney will draft.
of your loved ones. That’s why it is important to consider
capitalizing the benefits of a living trust. It could be • Many people forget to put assets in
the right call for you and for your family, and it’s something that their trust and the benefits of the trust are
deserves a closer look. not realized. There are some assets, because
of other lifetime benefits,that should not be
Of course, just as with anything else, it’s important to begin by owned by your trust. This is an important
fully understanding the basics behind the process of doing so – not area to work closely with your financial
to mention why it’s worth thinking about. advisor and attorney so they can help you to properly “fund” your
trust.
WHAT IS A LIVING TRUST?
• Prepare your loved ones. This is often overlooked, but it’s
• A living trust is a popular estate planning tool that lets you (1) incredibly important. You need to ensure that your heirs are ready
retain control over the trust property while you are alive, (2) avoid for the responsibilities that come with their inheritance. You’ll want
guardianship in case you become incapacitated and can no longer to ensure that they understand the basics of asset transition, what
handle your own financial affairs, and (3) pass trust property outside to do afterwards, and more. Sometimes, updating your estate
of probate when you die. planning documents is a great excuse to have a family meeting to
educate your heirs about your desires.
• Legally, a living trust is a separate entity that you create while
you are living to “own” property, such as a house, boat, jewelry, or Simply put, a living trust is a wise move that could help you
mutual funds. The trust is revocable, which means that you can capitalize your wealth for yourself and your loved ones. If you are
make changes to it, or even end it, at any time. wondering how to get started, contact Ciccarelli Advisory Services,
Inc. today.
SO WHY SET ONE UP?
Jill Ciccarelli Rapps, CFP®
There are several reasons that setting up a trust is something well www.CASMoneyMatters.com
worth taking the time to do. Some of these include:
Ciccarelli Advisory Services, Inc. is located at 9601
• Peace of mind for you knowing that your loved ones will Tamiami Trail North, Naples, FL (239.262.6577)
receive their legacy without the interference of the courts after your
death. This is especially important if you are passing on ownership Jill Ciccarelli Rapps, is a certified financial planner and a trained
of a business. Estimates suggest that about 3-5% of the value of your life coach and is a Partner of Ciccarelli Advisory Services Inc., a
property may be spent on lawyer fees and court costs. That’s money Family Focused Wealth Management Firm in Florida and New
and time that may be wasted for your loved ones, and a living trust
allows you to avoid that. York.
• The ability to better plan for your future and your family’s Ciccarelli Advisory Services, Inc. is located at 9601
future if you are unable to manage your assets during your lifetime. Tamiami Trail North, Naples, FL (239.262.6577)
• The possibility to protect your children from litigation or Investment advisory services offered through Ciccarelli Advisory
divorce by having them inherit their legacy via trust. Services, Inc., a registered investment adviser independent of FSC
Securities Corporation. Securities and additional investment advisory
WHAT ARE SOME KEY STEPS TO TAKE?
services offered through FSC Securities Corporation, member
You’ve likely gone through your life making smart decisions – FINRA/SIPC and a registered investment adviser.
especially if you’ve reached the point where you’re planning on a
living trust. For a living trust, there are a few key steps you’ll need
to take:
• Create the trust. This can be drawn up with the help of an
attorney and your financial advisor. Because it is likely that your
76 Life in Naples | January 2016
