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Middle Age with Adult Children

If you're in your forties, fifties, or sixties with young adult children you may be contemplating retirement, downsizing to an apartment, moving to a less expensive state, or helping your children with their first home purchase. Your young adult children may not be financially mature enough to handle a large inheritance so a fair flexible trust for them may make sense. For example, you may wish to name an independent trustee to manage investments and distributions for your adult child but then name your adult child as a co-Trustee at a certain age (for example, age 30) and then at a later age (for example, age 35) give that adult child the right to remove and replace their independent trustee acknowledging that their choices may be different than yours.

You can also leave a special letter of instruction to trustees that provides non-binding guidance on the types of distributions you would like to see approved, for example, down payment or mortgage for a first house, payment of any graduate school or continuing education, payment to start a business as long as the trustee has reviewed the business plan and any other customized items you wish to convey to your children's trustee. Your children’s inheritance will be protected not only from immature decision making, but also in the future from a possible divorce, lawsuit, and even possible future estate taxes.

If any of these concerns apply to your family, please contact us to get the discussion started.

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