Many of our estate planning clients have children and want to protect their children.
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Although concerns vary, protecting children is a big part of estate planning.
When parents have small child, housing planning is very important. This allows parents to choose guardians for their children. This will ensure that they have peace of mind knowing who will be looking after their little ones.
This will also prevent court battles over guardianship.
Parents with young children can also set aside money in a trust to help care for their children.
Inheritance planning also prevents children from earning large sums of money at the age of 18.
We always say that the quickest way to destroy a good child is to leave them with a large amount of money when they are young.
Placing money in a trust so disbursements are made at different ages helps offset this risk. It also allows your trustee to provide money for specific purposes such as college or trade school.
Finally, we have a client with married child. Sometimes, they worry that their children will divorce and their inheritance will go to their ex-spouse.
Estate planning can help.
We can implement tools to schedule distributions and implement protections.
Whatever your concerns for your children, estate planning is a great tool for protecting them.
If you need help with your housing plans, contact us today.
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