Solved: In the nineteenth century people traveled the

country selling tonics

In the nineteenth century, people traveled the country selling tonics that were guaranteed to
cure all the ailments of humankind. In the twenty first century, the “snake oil salesmen” have
been replaced with individuals making professional presentations on estate planning. At the
conclusion of these presentations, they offer, for many hundreds of dollars, kits that will show
you how to conduct estate planning without the expense of an attorney or tax professional. One
such group extols the virtues of a device called a charitable remainder trust (CRT). They tell you
how to establish it following a boilerplate template which they provide. The CRT allows you to
make tax deductible contributions during your lifetime, and upon your death, pass the CRT to a
family foundation managed by your children. This will allow the assets to avoid estate taxes and
probate. The presenter purports this to be a cost effective way to pass on your assets to your
children. All of what is said in the presentations concerning CRTs is true. What the presenter
does not say about CRTs is that distributions from the family foundation can only be made to
recognized charities. In other words, your children will own the estate, but they will not have
access to it. These devices work well for a small percentage of the population, but for the
majority of people they will not serve the desired purpose.

a. Discuss the presenter’s ethics by not telling the full story. Keep in mind that what the
presenter says is true, but does not reveal the whole truth.

b. If these seminars are the modern day version of the snake oil salesmen of the nineteenth -
century, who should you look to instead for estate planning advice?

In the nineteenth century people traveled the country selling tonics

ANSWER
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