Adult children inheritance

[nvestysly]

To the OP,

I recently started reading Wealth, Grow It and Protect It, Spend It and Share It by Stuart E. Lucas. I've not finished the book yet but Lucas has several good ideas on the subject of passing wealth to subsequent generations while also maintaining a legacy of philanthropy. Lucas indicates his ideas can be utilized on estates from $100k to multi-millions. It might be worth reading to see if any of the ideas can be incorporated into your scenario.

 

[Joylush]

To the OP,

I recently started reading Wealth, Grow It and Protect It, Spend It and Share It by Stuart E. Lucas. I've not finished the book yet but Lucas has several good ideas on the subject of passing wealth to subsequent generations while also maintaining a legacy of philanthropy. Lucas indicates his ideas can be utilized on estates from $100k to multi-millions. It might be worth reading to see if any of the ideas can be incorporated into your scenario.

Thank you. I will do that. Sounds like an interesting and enjoyable read!

 

[donheff]

To the OP,

I recently started reading Wealth, Grow It and Protect It, Spend It and Share It by Stuart E. Lucas. I've not finished the book yet but Lucas has several good ideas on the subject of passing wealth to subsequent generations while also maintaining a legacy of philanthropy. Lucas indicates his ideas can be utilized on estates from $100k to multi-millions. It might be worth reading to see if any of the ideas can be incorporated into your scenario.

That was available for immediate download from my library so I will check it out. Thanks.

 

[workburnout]

You can set up a trust that releases funds gradually, such as by age. A downside is someone has to monitor that, and if that someone is a family member it could lead to animosity between your son and that family member. If an unrelated party administers such a trust, they will want a fee.

I did that for my niece. It is called a spendthrift trust. Attorney I knew from working with a lot on other things, charged $750 to set it up, although most attorneys charge more. It is monitored by Fidelity which charges no fee unless I die. Gives her a certain percentage, at different adult ages she reaches. If I don't die before she gets to be in her 40's, I will revoke the trust and leave her the money outright. It is set up now so she could not spend all the money at once.

 

[CaliKid]

I did that for my niece. It is called a spendthrift trust. Attorney I knew from working with a lot on other things, charged $750 to set it up, although most attorneys charge more. It is monitored by Fidelity which charges no fee unless I die. Gives her a certain percentage, at different adult ages she reaches. If I don't die before she gets to be in her 40's, I will revoke the trust and leave her the money outright. It is set up now so she could not spend all the money at once.

One modification for improvement would be to put all discretion for distributions in the trustee to get true creditor protection for the beneficiary. This is a great way to set up assets for people of any age due to the litigious society we live in.