Here is the catch – every two years each family member is required to settle back in at the family hometown of Luck, MN for a family reunion. Consequently, only those who attend receive distributions from the family trust
You see, Albert was a man of contradictions. While he had a wanderlust soul, he grew to have a firm appreciation for family. Albert believed that the many branches of a family can learn to wander and seek their own, but that these branches should never forget to come together. The individual annual distributions are not large (a thousand or so each time), but it is enough to bring most of the family back together just as Albert had hoped.
So, take a look at Albert’s decisions and the story of the Ravenholt clan. It just might spawn a few ideas of your own. It is, if nothing else, one more testimonial to the power of creative planning and planning with the right tools.
Albert knew what he wanted and found the right balance of incentive and security in the form of a trust, with some special rules to make it all work.
You might not be throwing a family reunion in Luck every few years, or anywhere for that matter, but maybe you do have goals for your family and a way to incentivize their fulfillment.
For more information, please visit my estate planning website.
