How business, doctors and journalists prey on your food anxieties I

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[F'e're alwayo gone a long way to derve Aourgaeeta . Nolv Ire'negone ha~fvay aroUued the Ivorld. Mith hoteld in Hong Kong, Seo,d, Sydney <strong>and</strong> Dozd~le Bay, rLrrtralizi . Our newect hotel vz But with an A.rian flair. You'll alvo flnd ivorl8.claae aining <strong>and</strong> bu.rinevvi centerJervicen ae well a., estra touchee, like 29-hoar room vervice ana ftneae centerd . For revervatioirJ, pleaee call your tnzvel profeddlonal Sbrgapore <strong>and</strong> one openu :g eoon in Oaakz . IF'herever you dectde to etay, yoa'll find the oanae level of oervite you've come CONSIDERING <strong>How</strong> FAR or 800-2•91-3333. And dee exactly how far we've gone to make your next trip to Aoia <strong>and</strong> the Pactflc a to espect froin uv . THE RITZ-CARLTON WILL nun:orable one . Go To SERVE YOU, OUR NEWEST LOCATIONS SHOULD COME As No SURPRISE . ~ TtiE RTZ-CARzi cN" N :IL Co.mesv LLC Deu6ieBa), Asenalin . Hang Y-q . Seoul ._n¢epore . S~en< . •/997 : Kuala Lumpua 0 ,aka . 199fiBnll . Jokar,a, iok•o http://legacy.library.ucsf.edu/tid/agf97d00/pdf
I i 111 ;14'EA lTI :~l I I lI ,lk Trust a trust Have you set up a trust? If you haven't, get cracking . No middle-c!ass family should be without one . By Carolyn T. Geer Jo ttN HaWtcY, 77, necer considered himself the trust fimd type . A retired college itistonteacher <strong>and</strong> son of a high school pr ;ncipal, lie grew up during the Depression . Trusts Ncere for rich people . They u,ed to be for rich people .'Vo v the° are very' much for middle-class people like Ha%slec . After his wife died three years ago, Hawley set up two trusts at Charles Schwab & Co . to _nrovide tas <strong>and</strong> odier benefits :òr himself <strong>and</strong> his heirs . Think ofthat . A discount, mass-market stockbroker has gotten into the trust <strong>business</strong> <strong>and</strong> has people like retired teachers :is customers . From a st<strong>and</strong>ing start tive years ago, Schwab now has S23 billion in personal trust assets . Just since 1990 at least 60 indcpendent trust companies have been founded to capture the new %eavc of trust actiaitv-<strong>and</strong> t12at doesn't include all the brokeis <strong>and</strong> fund operators, like I'aineWebber <strong>and</strong> Fidetin1, that are rushing to set up trust companies . In Florida, revocable living trusts are so ssidespread, "you can't get into a counm ° club Niithout slto\~ing a copy of pour trust," jokes Gideon Rothschild, a Ven York la~~ver u ith sonie Florida clients . Trusts have been ~ staple of estate planning for dte likes ofthe Rockefelles for a century . What's suddenlc pushing trusts out into the mass market? Four things . First, minimizing taxes . Inflation has made the tax problems ofthe %cealthv into the tax problems of the upper middle dass . As will he explained below, a kev role here is played by the $600,000 estate tax exemption, which is not indexed for inflation . You can also saNe on income taaes iaith a trust, as Hairle\ did, bp transferring appreciated assets to it <strong>and</strong> naming a charinas a remainder benefician, . Yet another varietv of trust is a must if rou %rant to leave life insurance to your children \cidtout pa% ing wmecessan~ taxes . Secood reason to set up a trust : avoiding probate . Probate can be costlv <strong>and</strong> time-consuming . By opening a living trust i -ou arrange to have some or all of your assets delivered to heirs at your death iN ithout rel}'ing on a wiil . A liN ing trust is no big deal . It simpk means a trvst i ou set up ~~hile rou m'e still alire . By keeping your tiiilled assets to a minimum, cou can save on la«~,ers' fees <strong>and</strong> probate court fees, <strong>and</strong> speed up the h<strong>and</strong>ing-o% er process in the bargain . "In effect, Nchat aou're doing is administering your estate before vou die," explains Richard Goldstein, a cPA in San 97ateo, Calif. 7ust hoW much time or money cou can sa%'e by aroiding probate depends ou ~N here cou live-California, NewYork <strong>and</strong> Florida being prime tercitories for probate avoidance . But no matter where vou live, it is intperative to set up a trust if you own real estate in another state, says New York la«yer Edtcard Schlesinger. If ' vou make the mistake of holding an ottt-o :`-stare racation home in your oun name orvot¢spouse's name rather than through a trust, cou ~rill subject your heirs to the torture of having your caill probated in tseo places at once, using nvo sers of lau ~ ers . Third motne : privacy . The proceedings of probate courts are open to the public ; the doings oftrustees (unless the trust is created'ov a will) are not . Iu similar fashion, real estate deeds arc open to pubiic perusal in all states, %rhile the trust documents that soell our the true o«ner of a parcel held in trust are not. Trusts can keep others from knowing what vou have nhile vou're alive, <strong>and</strong> u•hom you leave it to cehen vou die . Chen~l Holl<strong>and</strong>, a tinancial planner at I .E . Wilson Adcisors in Columbia, S .C ., has a client whose son is diw)rced . The client set up a trust to prevent her son's cawife from knowing how much monet the son inherits <strong>and</strong> hitting him up for more chiid support . Fourth motive : protection from disgruntled heire . It's a lot harder for a retatite who has been cut out to atta_kvour trust than to attackaxcill . 1fian%, states restrictN our options in a vvill-tvpically you can't tornlly disinherit a spouse, for example . In some of these states (including Connecticut, Florida, Illinois, Michigan <strong>and</strong> Ohio I, you can use a trust to bypass the restrictions . If you want to minimize ~°our spouse's share, this is the way to go . Despite reffirms in sonic states, the probate system has been bent to scne the interests of l'mcers as much as the interest of participants . Trusts are your escape hatch . Example of ho" the law makes rou run up legal bills : You can't probate a will in Florida with an ourofstate executor m less it's a blood relative . It's a full-emplovment act for bankers <strong>and</strong> la«vers in Florida-the statutory executor fee runs $55,000 on a 52 million esrate . Ifyou plan to retire to Florida <strong>and</strong> don't «ant to name a relative as executor, set up a revocable living trust to hoid your assets-securities, real estate, whateeer . Make courself trttstee <strong>and</strong> hire whomever cou u ant, at whate%cr fee cou agree on, to be your successor trustee . When qou die, the successor trustee h<strong>and</strong>s out the assets in accordance with cour wishes, as spelled out in the trust document . If cou later Ita% e misgiN ings, just amend or re\ oke the trust . That's \% h-at uie °re~ocable" is all about . In many states tou catt serce as bodt trustee uid 168 Forbrs A Ausust 14, 1995 204ti673424 http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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