Don’t Sell Me; Tell Me Your Story – The benefits of open networking
I am a believer in the value of face to face business networking.
Long ago I got over the needy feeling of “what’s in it for me” and adopted the healthier attitude of “I will go to give rather than to get”. This led to the miracle of “mutual benefit”, the start of the process of Endless Referrals (see Bob Burg’s book).
At one networking event I met Mark Holland, at another I ran into him again, and again at another. Now we meet fortnightly for a working lunch to consider the people that we have met individually who might also benefit the other. We can draw on each other’s strengths. Mark offers a simple method to money management that can best be explained by the Japanese word "kaizen," meaning "change for the better”. Because he also teaches his subject matter, I can easily become the student, always learning.
Mark produces a monthly newsletter of information and personal development inspiration. I have added the information section of his February issue below. If you find it of interest you might ask to be added to his list.
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WHAT IS A TRUST
The word "trust" is applied to all types of relationships, both personal and business, to indicate that one person has confidence in another person.
For our purposes, a trust is a legal device for the management of property. Through a trust, one person (the "grantor" or “trustor”) transfers the legal title to property to another person (the "trustee"), who then manages the property in a specified manner for the benefit of a third person (the "trust beneficiary"). A separation of the legal and beneficial interests in the property is a common denominator of all trusts.
In other words, the legal rights of property ownership and control rest with the trustee, who then has the responsibility of managing the property as directed by the grantor in the trust document for the ultimate benefit of the trust beneficiary.
A trust can be a living trust, which takes effect during the lifetime of the grantor, or it can be atestamentary trust, which is created by the will and does not become operative until death.
In addition, a trust can be a revocable trust, meaning that the grantor retains the right to terminate the trust during lifetime and recover the trust assets, or it can be an irrevocable trust, meaning that the grantor cannot change or terminate the trust or recover assets transferred to the trust.
Trusts can be used:
- To provide management of assets for the benefit of minor children.
- To assure the grantor that children will benefit from trust assets, but will not have control of those assets until the child is older.
- To manage assets for the benefit of a disabled child, without disqualifying the child from receiving government benefits.
- To provide for the grantor’s children from a previous marriage.
- As an alternative to a will (a “revocable living trust”).
- To reduce estate taxes and, possibly, income taxes.
- To provide for a surviving spouse during his/her lifetime, with the remaining trust assets passing to the grantor’s other named beneficiaries at the surviving spouse’s death.
Trusts are complex legal documents and are not appropriate in all situations. Before establishing a trust, you should seek qualified legal advice.
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