Tuesday, September 9, 2014

Special Plans For Grandchildren

Billy and Bonnie have been planning for the future of their family by setting up living trusts that could both save costs after their deaths and provide for easier financial management in the event they become incapacitated before their deaths. 

Those two things are good, of course, but Bonnie and Billy have really been looking forward to coming up with planning how to leave their remaining assets after their deaths.  “That’s a fun thing to think about, really, because it’s about what good you can do with your money just when your family is having to live without being able to see you anymore,” Bonnie explains.

Their own children are doing very well for themselves; she and Billy already helped them through college, and they are employed, settled and happy. Billy and Bonnie plan to leave their adult children half of their estate.

The other half is even more fun to plan.  They will create trusts for their grandchildren’s education, where it will also be protected from their grandchildren’s creditors.  Then, half of each grandchild’s leftover trust money will be given to him at age 26, with the other half to be given to him at age 35, “when each one will be old enough to know to invest it wisely, rather than simply spend it,” says Billy.

To begin learning about how you make positive plans for your own family, call our office at (815) 436-1996 for an estate planning appointment with our office.   

© 2014 Gruber Law Office, Ltd.  

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