We’re not talking about
kids here. We’re talking about adults. Adult children who may
have destructive habits, such as alcohol- or drug addiction or
gambling. It could even be a mental health issue. Quite often,
parents want to provide for their children after they’re gone…but
don’t want to provide money to fuel the fire that’s’ consuming
their child. And, often, they come to me for advice.
The answer is what I call
the Lifetime Love and Protection Trust (LPT).
A Love and Protection
Trust is a legal tool, based on your written instructions, that can
protect an adult child who may not manage his/her money wisely.
Financial professionals will manage the money, while a professional
trustee will make the decisions necessary to protect both your child
and your trust.
The LPT, basically,
prevents an adult child from blowing the money you’ve left him. And
it protects your estate from failed marriages, creditors, and others
who may want a slice.
Because of past mistakes,
some adult children are vulnerable to lawsuits. But an LPT can
address this issue…as well as serve as a barrier to drug or alcohol
abuse, by offering more involvement to your child if he/she can
change his life. It can build a protective wall around your
legacy…and provide for the special needs of your child.
A Love and Protection Trust
will be there for your child after you can’t. And your legacy will
give your child the chance to flourish if they choose to seek help.
This type of trust can be a vital part of an estate plan that
includes a will, long-term care planning, asset protection, and
Medicaid/VA assistance.
It’s one of the greatest
gifts you can leave a child who’s made some irresponsible choices.
And it’s a gift for yourself, as well…the gift of knowing your
estate will not be drained in an irresponsible manner.
At The Law Offices of Alice
Reiter Feld & Associates, we’ve been doing these types of
trusts for 33 years. And we’ve helped thousands of seniors feel
more secure about their financial legacies…and more hopeful for
their children. We’re Elder Law attorneys. And we know how to
protect both your legacy and your children.
We can help you do
both, too. Just give us a call.
No comments:
Post a Comment