Elvis's estate shows why equal splits between kids often backfire. Pick an independent trustee, not family, and use a trust to skip probate and cut taxes.
Elvis Presley left us with many amazing things. And one of the things he and his family left us were some very important lessons that— one of the most important lessons that you should know is that you should leave everything to your children, your money and your property in equal amounts. And whatever the justification for doing that, ultimately it typically leads to broken relationships. Next lesson they taught us is make sure you've picked the right person to be the executor or the trustee of the estate. And that person may be somebody outside the family. And you've got a third party making those decisions that is only beholden to the estate. Lastly, if you've got any significant assets at all, leave your family with a trust. Your trust will avoid probate and save estate taxes. There's a lot more to learn, so go to my profile page, click on the link, and sign up for my newsletter.
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