How to Utilize a Pot Trust as an Estate Planning Tool

A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries. This trust lets the grantor create a single pool of assets to be used for the benefit of multiple children. A pot trust can offer more flexibility as to how trust assets are used if you plan to leave your entire estate to your children. Learn more…

One longstanding ritual that my family has established is our annual family reunion. Since 1973, my mom’s side of the family has held a reunion every July. These gatherings provide an opportunity for folks to reconnect and remind us of our shared legacy. Over the years, the reunions have evolved and become more accommodating to the younger generation, but several things have remained the same including Sunday church service, the family picnic and the reading of the family history. 

What’s your family reunion tradition? If you need some inspiration, please refer to my book, Family Strong: 7 Gifts for a Lasting Legacy. I include a few tips from my own family reunion experts that can guide you in the right direction. This month I’m offering a discounted bulk rate for people who are interested in sharing the gift of reading. Enjoy the remainder of your summer!