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Leaving Assets to Minor Children
When leaving money and property to minor children, even the best intentions can lead to problems. Many parents assume that a simple will is all they need since that is where they can nominate a guardian for their minor children. However, a simple will requires that beneficiaries (even children) receive their inheritances outright in one… Read more
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Tips for Commitment Without Marriage
More couples than ever are building deep, lasting relationships without ever walking down the aisle. Many couples are opting out of marriage, but not out of commitment. However, the law has not kept pace with modern relationships. If you and your partner choose not to marry, you must have an estate plan tailored to your… Read more
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Remember Other Beneficiaries
While your children may be your top priority, you do not have to leave everything to them. Many parents feel a balance is best: leaving their children enough to be supported but not so much that they come to rely on their inheritance and fail to make anything of themselves. You might consider creating a… Read more
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Lifetime Gifts: The Joy of Giving Now
If you have the financial means, consider giving your children some of their inheritance now. The benefit is twofold. First, you get to see the direct impact of your generosity, whether it is helping a child buy their first home, start a new business, or pay for your grandchildren’s college education. Second, depending on the… Read more
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The Power of a Trust for an Inheritance
A trust is a powerful tool many parents use to protect their children’s inheritances. An inheritance left in a trust can be safeguarded from numerous risks. Instead of giving an inheritance outright—where it can be lost to creditors, divorce, poor decision-making, or unexpected life events—a trust keeps those assets sheltered and managed for a child’s… Read more
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How Your Children Receive Their Inheritance
Inheritance planning is not just about how much each child gets but also about how they receive it. These decisions can be different for each child. For older children who responsibly manage their finances, a lump sum may be the right choice. For younger adult children, you could consider distributing the inheritance in installments at… Read more
