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Home >> Estate Planning Articles >> Why a Trust Makes Sense – Even If Your Child Is Not a Child

Why a Trust Makes Sense – Even If Your Child Is Not a Child

January 31, 2012 by Robert Kulas.

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Parents of adult children often don’t give much thought to the manner in which their children receive their inheritances. They decide how to divide their assets and then distribute their estates directly to their children – end of story.

If you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact of taxes, divorce, lawsuits, and other threats, it might be better to leave their inheritances in a Trust.

Flexibility and Control

For an adult child who is financially savvy and responsible, a Trust can be drafted to provide a great deal of flexibility. Your child can serve as his own Trustee, and he can have the power to access the Trust property, invest and re-invest it, and distribute it to himself for purposes of health, education, maintenance, and support. He would also have the option to retain property in the Trust and do things with it, like buy a home to live in or start and operate a business.

Divorce and Child Support

Your child’s ability to retain property in the Trust is important, because as long as assets are owned by a properly-structured Trust, they are protected. For instance, in most states, assets in such a Trust would not be considered marital property and would not be subject to division if your child got divorced. This would mean your child could keep his inheritance, rather than his ex-spouse walking away with a portion – or even all – of it. Similarly, in some states, inherited Trust assets can be protected from claims for alimony or child support.

Creditors and Lawsuits

Another advantage of leaving your child’s inheritance in a Trust is that the provisions can be drafted in such a manner that the Trust will shield the property from creditors. Obviously, this would be an effective strategy if your child has trouble managing his money. However, it might be wise even if your child is financially responsible. For example, if he’s involved in a car accident and the other driver files a lawsuit against him, the assets in his Trust could be protected from any judgment awarded in the case.

It’s important to remember that state laws vary, and the degree of creditor protection might depend on the precise way in which the Trust is set up.

Taxes

A Trust also can keep assets out of your child’s own taxable estate for estate tax purposes, and it can offer him a great deal of flexibility when it comes to income tax planning. This way, the inheritance you leave your child will not compound his own estate tax concerns.

Extra Protection

If your child does not have much financial experience, has not yet reached adulthood, or otherwise needs additional oversight, a Trust can be structured to give him extra protection and guidance. You can name a third-party Trustee and place additional restrictions on your child’s access to his inheritance.

An experienced estate planning attorney can help you evaluate your family’s needs and create a Trust which strikes the perfect balance between flexibility and security.

Kulas & Crawford

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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~Leo C
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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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~Krissy L
Client Review
August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

default image
Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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