Estate Planning Myth

Leaving Everything to the Kids 

Many people think the best thing they can do for their kids is buy lots of life insurance and make sure they leave everything to their kids. And it makes sense that we all want to save our kids from any financial stress. Regardless of how old your children are when you die, leaving them a fortune may not be the best thing for them.

Are Your Children Ready for a Fortune?

Beneficiaries of a large inheritance may be more inclined to forego college or working that part-time job because the need for income no longer exists.  Finding a way to make sure your children are financially secure without over indulging them is important when making your estate plan.

A Trust Can Protect Your Children

Setting up a trust can help you keep control over how much money is given to each child and under what circumstances the money should be distributed.  You can designate a trustee you know personally or you can designate a professional trustee. The trustee is required to follow your instructions for distributions so you can be assured that your beneficiaries are going to have financial security for many years to come.

Get Legal Help

Experienced Estate Planning Attorney Elga Goodman can help you make strategic decisions about setting trusts to protect your beneficiaries and all your other asset protection options.  Call us today at 973-841-5111.

Previous post:

Next post: