When planning for your estateand what to give to whom, there are tough questions involved and a lot toconsider. How should your heirs receive their inheritance? Will they beresponsible with their inheritance? How do you protect them from financialmissteps when you are no longer here?
While the love of money is the root of all evil, money itself can be a most helpful tool when it comes to achieving life goals.Consequently, consider ensuring that your beneficiaries get enough to help themwith their dreams, but not so much they miss out on learning how to work forthose dreams on their own.
This often requires that youtake great care when structuring the inheritance distribution portion of yourestate plan. According to a recent Reutersarticle titled â€œMore heirs wait as wills dole out moneyslowly,â€more families are structuring their estates as the title suggests.
The tool of choice, now as ever,is a trust fund. Indeed, trust funds have been used to keep assets safe for ayounger beneficiary, but that historically meant until their legal maturity atage 18. More recently, however, with social changes as they are, trusts arebeing created to age 30 or beyond. Some trusts are rather specific in theirterms, too. For example, trusts terms may specifically provide for collegeexpenses, the first house, the first child, and other life milestones.
So, are plans that keep the wholedistribution process at a low, slow boil the way to go?
They are not without theirdisadvantages, especially for those who do not want to â€œrule from the graveâ€ orthose who resent being â€œruled from the grave.â€
The issues surrounding how to createthe trust are worth mulling over, but just as important is the planning thatgoes into creating the trust and the correct timing to maximize its value. Whether it's thinking about thefunds to put in the trust or the future of the inheritor, there's no time likethe present! Call Idaho EstatePlanning today and schedule a consultation and estate plananalysis. Remember,good planning is no accident.