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    Aug 29 12

    Travel Trusts Bestow Legacy of Experiences

    Newport Beach Law Firm

    Whether
    it’s trying to make sure that their children stay in touch despite geographical
    distances or wanting them to become acquainted with family roots in another
    country, some people are deciding that travel should be a part of their legacy.

    The inheritance you leave to
    your loved ones may include many things, but what if you could leave a legacy
    of experiences for your loved ones? According to a recent article in the Philadelphia Inquirer, more and more
    people are setting up Travel Trusts to
    ensure their loved ones enjoy travel-related experiences.

    True to its name, a Travel Trust is a specialized trust
    designed to do one thing and one thing only: give your beneficiaries the chance
    to travel as you always wanted them to. The terms can be broad or specific, but
    the main idea is to limit the use of the trust funds for travel—making sure
    the money is not spent on purchasing a new car, etc. This can be a powerful way
    for families to keep traditions alive, and even ensure for the possibility of
    specific religious trips, when financial concerns or hectic daily life could
    otherwise let them slide.

    One advantage of Travel Trusts is that they can be
    established with relatively small sums of money. The Philadelphia Inquirer article refers to an instance involving a
    mere $6,000. This may be an option to consider, especially if your estate is relatively
    small and you have a specific travel experience you would like to bestow on
    your heirs. As with all trusts, Travel Trusts
    can vary greatly but however structured, they surely are unique gifts for your
    loved ones.

    Contact Meier Law Firm to discuss all of your estate planning needs.

    Reference: Philadelphia
    Inquirer
    (August 20, 2012) “Inheritance travel: Trusts can fund trips
    for heirs




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