Thursday, April 30, 2015

What Age To Receive Inheritance?

Neither Sam nor Rose has given their parents, Ray and Liz, any reason not to trust their financial judgment.  After all, at ages of 9 months and 4 years, they’ve not had much opportunity to spend any money yet.

When we fast forward 18 years (as we can in fiction writing such as this column), their parents think both of them  have good financial judgment, even though they are young.  However, they still want to specify that any inheritance for the children will go into trust.  

Each will be able to get only one third of his or her share from the trust outright when age 25 and then another third at age 45.  In the end, each may receive the final third at age 55.

This doesn’t mean that Ray and Liz do not trust them.  Even though they know Rose and Sam may not spend unwisely, they want to protect their inherited safety net from others. Specifically, they want to protect it from potential creditors. 

As we repeat so often, life is uncertain.  If Sam negligently runs over a world-class concert violinist and disables her for life, almost all assets he owns will be collectible by her to pay her judgment. 

But his trust money would be available to keep Sam housed and fed and could not be taken by the violinist’s lawsuit.

This is one way Ray and Liz can protect the parental safety net they leave for their children.  To consider your alternatives for your own estate plan, please call our office at (815) 436-1996 for an appointment.

©2015 Gruber Law Office, Ltd.

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