I Do Not Want to Disinherit My Child but He May Use Funds for Illegal Activities?
May 15, 2017I Love My Child Very Much, I Do Not Want to Disinherit Him? Disinheritance is often the driving force in movies and television shows. Should you consider disinheriting a child or grandchild in real life. It should be approached very carefully. It’s both an emotional and a financial decision and it can have significant ramifications,… Read more »
I Have a Child Who Has Led a Lifestyle With Which I Disagree.
May 11, 2017I don’t want to provide for that child upon my death-I don’t like their lifestyle. Can I disinherit that child by providing that he is only to receive $1.00? Your children do not have a legal right to your estate. You can leave it to anyone you desire, and disinherit anyone you want to. You… Read more »
I Don’t Expect My Children to Have Problems with Creditors or Predators…
May 09, 2017I do not expect Problems with Creditors, Shouldn’t I Just Leave My Property to My Children Outright? Problems with creditors aside, should I go outright or protected trust? Even if an adult child is debt free and will never divorce, leaving their assets in a protective trust can still be beneficial. For one thing, life… Read more »
Can My Child Serve as Trustee of Their Trust Share and Still Have Protections?
May 05, 2017Reviewing my Trust Documents and Wondering if My Child Can Serve as Trustee of their Trust Share? Yes. Your child can serve as trustee of their own trust share. Our estate planning attorneys highly recommend familiarizing yourself with the details involved though. Clients often include one or more trusts in their estate plans to insure… Read more »
How Can a Trust Protect My Children’s Inheritance?
May 03, 2017Will a Trust Protect My Children’s Inheritance? One of the main reasons to do Estate Planning is to provide loved ones with protection from claims of future creditors and divorcing spouses or lawsuits. If you leave your property to your child as an outright distribution, the property will not be protected. What you need to… Read more »
What is the Best Way to Leave an Inheritance to My Adult Children?
May 01, 2017How to Leave an Inheritance to My Adult Children Many clients begin the estate planning process assuming that upon their death they will leave assets to their children. The norm is as an “outright” distribution. Parents are often reluctant to leave assets in trust for adult children. They don’t want to be seen as overly… Read more »
How Do I Plan for My Adult Children?
April 27, 2017Important Parts of Estate Planning What Things Should I Consider as I Plan for My Adult Children? Like every other part of your plan, you should start by determining your children’s needs and your specific goals for their future.” Fair is not always equal and equal is not always fair,” is a common estate planning… Read more »
When Does the Common Trust End and What Happens Then?
April 25, 2017What is a Common Trust and When Does it End? Most common trusts are designed to terminate when the youngest child reaches a certain age or completes college. At that time, the funds that are left in the trust are divided among all the children, equally or unequally, according to the trust instructions. Instead of… Read more »
Do I Need to Set Up a Separate Trust for Each of My Minor Children?
April 21, 2017Do I need a Separate Trust for Each of My Children? When creating trusts, parents are faced with tough decisions about how to leave their assets to their children. Do I need one big trust or a separate trust for each of my children? Each person needs to consider their own situation and unique child… Read more »
Should the Same Person Who is Raising My Children Also be in Charge of the Financial Assets?
April 19, 2017Financial Assets-Who Should Be in Charge? Sometimes the people who are the most nurturing are not necessarily the best at handling money. Although the person you name as Guardian of your minor children can also serve as Trustee of your trust that may not be the best solution. It’s easy to see that filling the… Read more »