My 500 Year Estate Plan
Income for Our Children
We have set up living trusts with chartable remainder trusts to produce income for both children for as long as they live after we have passed away. Using Ohio National and Prudential’s Variable Annuities will provide an income of 5% on the value of the estate plan. We plan to leave each child with a small amount ($150,000 each) in a lump sum. Hopefully this will keep them from ruining their lives by not giving them large sums of money at our deaths. The balance of any money goes to our foundation after they pass away.
Income for Grandchildren
We have set up irrevocable trusts for our grandsons for a small amount that will grow in the Ohio National Variable Annuities on their lives. The first grandson was funded with $35,000. He will receive a 5% income at 65 for as long as he lives, with the remainder to our foundation when he passes away. We have done the same for our new grandson, but will only need to fund it with $10,000 as my first grandson was 14 when we set this up, which required $35,000 to give him the same amount at 65. We will do this for any future grandchildren. This will be managed by me and after I have passed away by Bremen Bank and Trust Company.
http://www.bremenbank.com - For more info
Roy and Meredith Henry on Christmas Eve with our new grandson Tyler
Hopefully the foundation will go on at least 500 years, giving money to approved charities such as the American Red Cross. Also the foundation will keep the retirement website open with changes monthly if needed. We also want to provide education in other areas from retirement in the future.
In closing, you can do this on your own with our help, VectorVest and our website.
Don’t give up as it is really easy after it is set up with the goals you want. Remember that the best things in life are at first hard to set up, but they are well worth it. In America we have the right to Life, Liberty and the Pursuit of Happiness.