As a parent, you will always worry about your children. Fortunately, these concerns will be largely unnecessary since most children learn how to handle the ups and downs of the world from their parents? love and guidance. However, some concerns are justified because some children, no matter what age, seem to always need parental guidance. And, while you are alive, you can provide the direction and encouragement to steer your child clear of their compulsions, such as gambling, drug abuse or excessive drinking. But, is there something you can do now to make sure your child does not chip away at their future inheritance, or take away from your ability to plan for your own future?
One effective estate planning tool to protect your assets, and your children?s inheritance, is to create a trust. A trust is very flexible, allowing you to set the terms for releasing monies to your children or other heirs, and to change the terms of the trust during your lifetime, if needed. Some establish the trust so that additional money is set aside to one child to take care of anticipated expenses for a more troubled child. Some trusts require that a beneficiary pass a drug or alcohol test before funds are disbursed; others write their trust to have a third party manage the funds for the beneficiary to limit the amount of access a beneficiary has to their trust funds. Although you may not be comfortable treating your children differently, circumstances may dictate that you do so to best provide for the future of your loved ones.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.byrdgarrett.com/blog/wills-and-trusts/trusts-estate-plan-troubled-child/
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