how would you leave your estate

[JeffJ]

Yes I have that covered as well.

Figured you did.

[Grayson]

I got horror stories for days

Yeah, me too. I could write a novel on this. While I can't tell a client what to do, I have some experience on both sides of these issues and I can tell them what they can do, and what they can expect might happen as a result of the decisions they make. Personally, I don't mind the contingent trusts and contingent stipulations discussed in the article, but they can't be so restrictive as to stifle or completely handcuff the heirs. At some point people have to be left to their own vices, good or bad. Plus, as I remind every estate planning client, they're going to be dead anyway....

[BTLowry]

My thoughts

If the kids can't make it having it doled out a little at a time, they would be broke shortly after being given the lump sum

My kids will not have to worry about any of that

[Artos]

Could the 'sperts' chime in on a generational trust?? I know it's sort of vague, but just now starting to deal with this.

[rtp]

Im doing my best to spend it all and they know that. Should I fail at that, they will not receive control of it until they are 35. Until then my sister controls the trust for each son. They will receive some money every year if they want it until they turn 35. I dont believe in trying to control my kids beyond the grave. They know how hard I have worked for what I have and I hope they will respect what they receive once Im gone.

[Atfulldraw]

I have a trust set up for Riley in the event of my death. There are some stipulations, the two biggest are 1) she can not have control of trust until she is 35 and 2) no more than 5% of the value of the trust can be spent in a given year. The exceptions are medical and tuition.

mine is very similar, however the successor trustees (Courtney, and then Reagan's mom if something happens to Courtney) have a lot of latitude to decide what is in Reagan's best interests.

There are strings, but not too many, but there are also provisions in the event that my daughter becomes disabled or needs additional funds. For example, if she needs to borrow money to buy a house, the terms of the trust allow her to borrow the money and pay it back with interest instead of having to go to a lender to get those funds.


There is a cost and time associated with the management of the trust, and I don't want it to be a burden for Courtney to deal with, so I also allowed for a trust company or attorney to step in to handle the day to day management and provided for payment of those fees.

I just want for the girls to be taken care of -- I did the best that I could with the information that I had at the time I set up the trust. There are basically no strings for Court - she's an adult, but my daughter is just turning 11 this month, so you have to do what you think is best for the next seventy or so years of her life.

in the end, in the event I'm not around....the terms are basically tied to her staying in school, and keeping her **** together. Which is what it sounds like this dad was trying to do as well. We can judge all we want, but he sounds like a guy I could have had a beer with.....

[Atfulldraw]

Could the 'sperts' chime in on a generational trust?? I know it's sort of vague, but just now starting to deal with this.

you mean a GST?

[Artos]

...as I understand?? Yes. Trying to understand the angle, which I assume is focused towards the taxes vs a traditional 'hand down' trust??

[Atfulldraw]

...as I understand?? Yes. Trying to understand the angle, which I assume is focused towards the taxes vs a traditional 'hand down' trust??

basically skips the children of the trustor.

protects the assets in the GST from double taxation (and the sins of the children)

if you are the beneficiary of a GST, the terms of your particular trust will be the only issue of interest for you.

[curtintex]

Right now my will is pretty simple....but I'm not a simple guy. I need to re-do my bequeathments to better reflect my smartarse nature. Like....You get X, but you have to put 50% of it on black and let the wheel determine the rest....or....the first daughter that can kill a javelina with nothing but a ball-peen hammer, gets 10% of each of the other 3 girls share....or....round robin MMA tournament: winner takes all. I gotta think this through.