In any comprehensive estate plan, a letter of instruction (LOI) is an important component. An…
Leave Your Inheritance the “Safe Trust” Way
Most parents (even parents of adult children) want to provide for their children—but not necessarily right away, and maybe not all at once. Recent studies have shown that more and more parents are choosing not to hand big inheritances to their children immediately when they turn 21. Instead, these parents are waiting until the kids are in their 30s and 40s before handing them the keys to the kingdom.
The reason for this delay is that more and more parents are coming to realize that there is a learning curve associated with handling large sums of money, and dropping a large inheritance in your child’s lap may
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be giving him or her more than can reasonably be handled at one time—essentially setting the child up for failure.
It has been found that premature distributions to heirs can have the same effect as the jackpot has on lottery winners. The money becomes a burden instead of a boon, and may even hinder the child from growing into the responsible adult most parents hope to raise.
If you don’t want to bequeath a fortune to your children all at once, you have a number of options for ensuring your children are provided for and eventually receive the inheritance you intend for them. One successful strategy is passing an inheritance to your child through a “Safe Trust” which can be either a revocable or an irrevocable trust.
A “Safe Trust” allows a parent to transfer assets to their children while still retaining control of when and how the assets will be distributed. A revocable “safe trust” can provide more flexibility, while an irrevocable “safe trust” can provide more asset protection and save estate taxes.
Either trust option allows parents the option of simply keeping the inheritance in trust until the child reaches a certain age, or distributing funds slowly over the course of time, in order to better acquaint the recipient with the responsibilities of wealth. Some clients
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have the “Safe Trust” continue for the grandchildren.
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