The Five Vehicles for the Transfer of Assets
My family recently purchased a new vehicle. To organize all the variables factoring into our decision, my wife Heather created a spreadsheet. The variables included fuel efficiency, trunk size, headroom, and cost. While my two sons lobbied extensively for a larger, sportier vehicle, Heather and I were not quite ready to “Die With Zero,” and so we opted for a medium-sized SUV instead.
In this month’s update, I briefly summarize the five separate legal means (“legal vehicles”) for the transfer of an asset at death, and the importance of categorizing one’s assets in one of these legal vehicles. An asset is transferred by the first of the following five legal vehicles: