Friday, May 27, 2022
Some parents fear leaving too much money behind for their children, citing concerns of ruining their desire for a productive life or that they may utilize funds inappropriately. However, there are certain controls that can be put into place to assuage fears of misuse.
Trusts are a useful tool where parents can use a trustee so that their children don’t have full access to all of the funds at once. There are options to designate that funds be used for education, living expenses, or starting a business instead of being an open pot of money. Ultimately, communication is key to avoid conflict and parents need to understand that overtime, situations may change and leaving behind flexibility for their children can be useful.
For more Information:
See David Handler, J.D., Howard Sharfman, “Don’t Want to Leave Money to Your Kids? You’ll Probably Change Your Mind,” Kiplinger, May 26, 2022.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.