Change The Will
With our upcoming trip to Las Vegas, my wife is worried about the welfare of our children. If the plane goes down or we get kidnapped by roving bands of gambling terrorists, she want to make sure that the children are adequately provided for. We have a will that leaves them everything but in this modern world of litigation and bizarre twisted legal maneuverings, she wanted to get everything put into a trust. So, she got in touch with an attorney and we met Monday night at our house.
Our attorney was a very nice local man who actually knows quite a few of the same people I know. A good friend of mine from years ago, Ted Korn and him are in lodge together and they meet in a group once a week for lunch. Small world. Anyway, we start talking about trust options and when the kids get what from whom for certain periods in their life.
The first step was to take care of clothes, shelter, and ensure they graduated from high school. After that it was to pay for their college and make sure they successfully entered the work force. The third phase was designed to prevent them from getting their hands on the money before they reached the age of social responsibility. That means they can't have it before they reach age 25. If they are not past the big screen TV, sports car, designer vacation stage at that age, go ahead and blow the money. It also prevents the money from being available for litigation if they should ever be involved in a law suit or divorce.
We also did living wills, updated our regular wills and set up a bounce power of attorney in case we become incapacitated for something or other. Now this sounds like alot and I can only imagine that we will get a big bill from this guy for re-writing a standard form and sending it to us. However, at least this way it is legal and binding and done by a professional. The other way would have involved the courts and lawyers eating up huge chunks of a small financial legacy designed to keep my children safe in case their parents come to harm. Pay me now or pay me later.
Icool
Cobb
Our attorney was a very nice local man who actually knows quite a few of the same people I know. A good friend of mine from years ago, Ted Korn and him are in lodge together and they meet in a group once a week for lunch. Small world. Anyway, we start talking about trust options and when the kids get what from whom for certain periods in their life.
The first step was to take care of clothes, shelter, and ensure they graduated from high school. After that it was to pay for their college and make sure they successfully entered the work force. The third phase was designed to prevent them from getting their hands on the money before they reached the age of social responsibility. That means they can't have it before they reach age 25. If they are not past the big screen TV, sports car, designer vacation stage at that age, go ahead and blow the money. It also prevents the money from being available for litigation if they should ever be involved in a law suit or divorce.
We also did living wills, updated our regular wills and set up a bounce power of attorney in case we become incapacitated for something or other. Now this sounds like alot and I can only imagine that we will get a big bill from this guy for re-writing a standard form and sending it to us. However, at least this way it is legal and binding and done by a professional. The other way would have involved the courts and lawyers eating up huge chunks of a small financial legacy designed to keep my children safe in case their parents come to harm. Pay me now or pay me later.
Icool
Cobb
posted by Cobb at
7:32 AM
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