You give an inheritance to youryounger loved ones and future generations to bless them and not to curse them.Once again, our object lesson is another celebrity estate. This time thedecedent is Whitney Houston.
The inheritance left by WhitneyHouston is chronicled by CNBC in anarticle titled â€œWhen $20 Million Is Too Much to Leave the Kids.â€ Without delving too much into thecase, the passing of Whitney Houston has set her 19-year-old daughter, BobbiKristina Brown, up to receive a staggering $20 million. Recently, Houstonâ€™smother and manager, who are the executors of the Houston estate, have filed apetition to restrict the inheritance payments on the basis that these weresimply too large. According to the petition, such inheritance payments wouldmake Bobbi too easy a target for predators, or worse, enable Bobbi to devolveinto a bad lifestyle. Taking the petition at face value, this consequence wouldnot have been Whitneyâ€™s intention.
Regardless of Whitneyâ€™sintention, the article recommends an excellent alternative that she could haveemployed to protect the inheritance from Bobbi and Bobbi from the inheritance.This alternative is called a â€œdiscretionary trust.â€ The article also providessome practical pointers, like teaching your children financial responsibilityat an early age and reviewing (and revising) your estate plan from time totime.
Few things in life could be more frustratingthan putting a great plan together only to have it fail because for lack ofimplementation. At Idaho Estate Planning we have the expertise and resources tomake sure your plan is carried out according to your wishes. Remember, goodplanning is no accident!