Speak From the Heart
Pastore that he’s created a show for children, saying, “I feel that if we in public television can only make it clear that feelings are mentionable and manageable, we will have done a great service for mental health.” He doesn’t speak from the piece of paper in front of him; he speaks fromhis heart. Rogers shares with Pastore what he tells viewers at the end of each episode: “You’ve made this day a special day just by being you.” “I’d like to see this program,” Pastore says. Five minutes into the speech, he is transformed, just like anyone who’s seen Rogers’ show. “I’m supposed to be a pretty tough guy, and this is the first time I’ve had goosebumps for the last two days,” Pastore tells him. How has Rogers swayed the senator? He hasn’t waved a magic wand or given a dramatic performance, but Rogers’ passion is so palpable, even Senator Pastore can’t help being won over. After Rogers shares the words of one the songs he features in “Mr. Roger’s Neighborhood,” Pastore has heard enough. “I think it’s wonderful,” Pastore declares. “Looks like you just earned the $20 million.” If you’d like to seeMr. Rogers' testimony for yourself, you can check it out at youtube.com/watch?v=fKy7ljRr0AA . How Mr. Rogers Saved PBS
It’s May 1, 1969. As the war continues in Vietnam, people gather in the Senate Subcommittee on Communications inD.C. to fight for what they believe is critical to the American
public. Proposed budget cuts to Public Broadcasting Services (PBS) threaten the programs that have become dear to so many, and $20 million is on the line. For a public television station, this is everything. Over the course of two days, Senator John Pastore, chairperson of the subcommittee, has listened to speech after speech about why PBS should be awarded the funding. He’s tired of hearing the same bland data and is eager to have the ordeal over with. Then Fred Rogers, host of the newly syndicated series “Mister Rogers’ Neighborhood,” steps up to the microphone. Unlike his fellow speakers, Mr. Rogers doesn’t use numbers or research to persuade Senator Pastore. In the calm voice many of us associate with our childhoods, Fred Rogers shares with Senator Pastore the reasons why he’s concerned about what children see on television. Two minutes after Rogers has begun talking, Pastore’s demeanor changes—his face softens, and he can tell Rogers has something important to say. Fromhis work in child development, Rogers has come to empathize with and understand the worries and fears of children. He explains to Senator As you draft a will or living trust and your family grows, you may decide to add minor children as beneficiaries. The challenge many families face is one of age. Children under 18 cannot legally inherit property. However, there are options you can pursue to ensure your children or grandchildren have access to certain assets. Uniform Transfers to Minors Act (UTMA) Through the UTMA, you can designate a custodian in your will or living trust to manage property intended for minor children. The custodian manages and distributes the property for the child’s benefit. Once the minor beneficiary reaches a certain age — 21 in most states — custodianship ends and remaining property is distributed to the child. This is a great, inexpensive option when younger children are involved. When older children are involved, a trust may be a better choice. Trusts Trusts are generally more flexible. Setting up a trust for your children or grandchildren is similar to setting up a UTMA custodianship. Your will or living trust designates a trustee to manage and distribute property you wish to leave to your minor children. The trustee has a fiduciary obligation
LEAVING PROPERTY TO YOUR CHILDREN 2 Major Options for Families
to follow the specific instructions in your will or living trust.
One major benefit of trusts is customization. You can designate the following: expenses covered by the
trust, like health, education, and support; at which age the beneficiaries will inherit the property outright; when distributions should be withheld, in instances of irresponsible behavior; and requirements for educational distributions, such as maintaining certain grades.
Should you establish a trust, you have two primary options: a family pot trust or separate trusts for each child. A family pot trust can benefit all the living children and stay active until the youngest child reaches a certain age. In separate trusts, you can tailor each trust share based upon a child’s individual needs. Some children may require more than others. It also allows you to divide and distribute your property equally.
2 • CampbellWealth.com
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