I was recently invited to share one of my experiences with a convention. The event was held in Las Vegas at the Bellagio Hotel. What a grand occasion that was. It was a meeting of network marketers, or multilevel marketers. I was invited because of a client experience.

A lady came to see me a couple of years ago. She had been diagnosed with terminal cancer and knew she didn't have much longer to live. She was very successful in multilevel marketing business, which she had created through her efforts over the years. She wanted to leave that business to her two sons, who were now old enough to enjoy participating in that business. She wanted to make sure that it would transfer to her sons with the least possible problems and loss in value.

As we reviewed the agreement with the company for which she marketed, we found out that it was like most agreements with these types of companies. The law allows a person to leave their business to their heirs through a will or a trust.

I suggested she accomplish all her goals through her trust because it would avoid probate and reduce the time delay, allowing everything to go to her two boys. The process would be simple with the least possible loss of time and value. She had her company set up in a limited liability company, or LLC. She had done this to get the tax protection and other advantages from having her own company.

We left that LLC, her company, in trust to her two sons. When she died just a few months ago, her sons came to me to complete the process of transferring the assets. Everything went smoothly because we followed the instructions to the letter. Her trust was written out so that it would allow the company to transfer. The process was administered properly so that the two boys inherited the company and went their separate ways.

The experience went through so smoothly that I was invited to come and remind other multilevel marketers that they can do the same thing with a little advance planning. After all, nobody knows when they are going to die. If the trust is in place, the business can be transferred to the heirs with the least possible loss in value. It's a wonderful thing to do, and this was a wonderful experience for me to explain that to this group. They accepted everything I said, and were very willing to hear the advice.

 

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