In 1971, Denean Stafford, Jr. created The Stafford Trust, and named his grandchildren as beneficiaries. Through the trust, he also provided for the needs of wife’s parents and siblings as well as his siblings. Each of these people received $200 per month for thirty years, either from Mr. Stafford’s personal account or the trust account.
The Stafford Trust shows not only Mr. Stafford’s concern for his family, but also his ability to see light years ahead of others. When the trust was created in 1971, his children were still in high school and college. It would be fourteen years before his first grandchild was born, but that grandchild and all his others would benefit from his generosity and foresight. The tax law changed years before his first grandchild was born, but The Stafford Trust was allowed, since it had already been established and approved by the IRS.