Pinball Hall of Fame Museum ~ Revocable Living Trust ~ LEGAL CONCEPTS REVEALED
Hi everyone. I’m Kirk Kaplan, and in this video I visit the Las Vegas Strip and specifically the Las Vegas Pinball Museum. In this video I spend a little time visiting the pinball machines and also I will talk a little bit about how you can fund your revocable living trust.
I used to play the pinball machine, Captain Fantastic that I played it for hours on end and I literally was a pinball wizard. There was one instance I did overturn the point system and you could actually get more games as you win.
As I play this game, I wonder how could you be able to give this machine away in your trust? If you have a revocable living trust, and it is drafted properly, there is a way you can actually give away personal property. It can be quite simple, grab a piece of paper, identify the object, state the object and sign the piece of paper.
I have seen on a daily basis that many people do not take advantage of this opportunity. For example, let’s say you have something special you would like to give someone, like a ring, a car, it has to be personal property and something tangible. Not cash or business assets. You can give this special item away through your trust.
If your trust does not give you that option, you may want to find a way to have your trust amended so that this option is available to you. This is something that gives you control over the items you want to give away at your death. Now with that said, my next question is, why make people wait?
If this is a gift that you truly enjoy, why not consider giving it away to the person while you are living so that you can see that they are enjoying the gift? My advice is always the same, review your trust, if you are unsure what your options are available to you, just call my office. I will send to you a list that you can attach to your trust and you can sign and date it and describe the items to give away.
I’m Kirk Kaplan with CrestKey Legal and Accounting. This is Legal Concepts.