Protecting Kids - Avoid Mistakes
None of us will live forever, and we all know you can't take it with you. So when you are ready to plan a strategy for leaving your children an inheritance, there are several ways to go, says estate planning attorney Ben Sowards.
In california, once your son or daughter turns 18, they can collect their inheritance outright, and that's the most common scenario.
In other cases, where maturity may be an issue, you may consider staggering the inheritance, ensuring basic needs are met and then distributing the money gradually, maybe on a 25th, 30th and 35th birthday.
It really just a way to protect your kids from themselves, and potentially expensive mistakes
but Ben says the best option may be the one wealthy folks have been using for generations: The lifetime trust.
This trust will protect your beneficiaries from any number of situations that could threaten their inheritance.
So as you give your money to your children, the money that's held in the lifetime trust if any creditor divorcing spouse bankruptcy trustee comes after them their assets are protected in that lifetime trust this trust can last a child's lifetime and even cascade down to the next generation.
So if you are ready to establish a lifetime trust for your kids call ben sowards. Or visit sowardslawfirm.com.