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If you are worried that your child, grandchild or other beneficiary may be reckless with an inheritance’spending it down within a few months or years after receiving it’there are ways to provide for your heirs’ long-term security while also protecting your hard-earned assets. One option is to create a type of irrevocable trust known as a Spendthrift trust.
→ Read MoreAn incentive trust is meant to encourage or discourage the behavior of a beneficiary. For example, in the case of a rebelious child, a parent may use an incentive trust to encourage them to enter college by setting aside tuition. Incentive trusts take the guess work out of inheritances.
→ Read MoreA discretionary trust gives a trustee discretion, with some specified limitations. Discretionary trusts can be special needs trusts, help avoid creditors, or provide for a minor beneficiary.
→ Read MoreA spendthrift trust limits, by either amount or purpose, the way that your money will be given to your surviving offspring. By setting up a spendthrift trust, there will be more money to give for a longer period of time.
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