What’s in a Name?
By Rick Law of the Estate, Asset, and Retirement Tax law firm at Law Elder Law. Rick, his attorney daughter Diana, and the rest of the team at LEL are located in Aurora, IL. My, how time flies! It’s been almost a decade since my daughter and partner, attorney Diana Law, insisted that I come into the conference room to meet Gladys Kaminski… A true sparkler, when Gladys enters a room, merriment walks in with her. Upon our first meeting, we exchanged laugh-filled greetings, and then I asked Gladys why she wanted us to do her estate protection planning. She quickly responded, “I don’t want to lose everything to long-term care expenses. Even though I don’t have a lot, I want to make sure that my kids and grandkids can enjoy at least a part of it.” She was working with Diana to prepare an Estate and Longevity Plan. Her goal is to never be out of money or quality health care options as long as she lives. One of the ways that we help clients achieve their goals is the use of very carefully designed trusts. Most trusts take the name of the trustmaker—so ordinarily Gladys would have named her trust the “Gladys Kaminski Trust”—but she wanted to have it her way! She wanted to call her new asset protection trust “The Happy Bottom Family Trust.” Unusual, but legally a trust maker can choose any non-deceptive name for a trust. I asked Gladys why she wanted a “Happy Bottom Trust.” Giving me a wink, Gladys flashed a big smile and began her story. “In 1941 I graduated from eighth grade. I worked as a salesgirl at the dime store at 31st Street and Halsted in Chicago. My boss, Mr. Fox, loved to tease me. One day he came over to me and said loudly, “Gladaaas! Gladaaaas! Did you know your name translates as Happy Bottom?” I laughed and laughed. And I’ve been telling that story all my life. Nobody remembers me when just I tell them my name is Gladys. But everyone remembers me when I tell my name is Gladys and that means Happy Bottom.” Now both Diana and I were laughing with her, and we agreed that The Happy Bottom Family Trust now made sense to us. This trust is designed to protect a portion of her assets in the event she ever suffers unending long-term care costs. If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now. Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. 8 times named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine, Rick has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Asset Protection, and Retirement Taxes. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!