NFT: Estate Planning

their age shouldn’t really matter until they are adults. We have all of our assets going to our 5 year old but they trigger 50% at 25 and the other 50% at 30. Our attorney recommended that over giving it to her all at once or when she’s too young to understand what money is (like 18).

It’s cheap to do it and I would do it now because 1. You never know and 2. It will make life a lot easier for them if something does happen. Lots of legal battles between siblings when things aren’t set up correctly.

but be sure you use a revocable Inter Vivos (Living) Trust and not a Testamentary Trust

The exact name may vary by state, but you want something that sounds like 'Revocable Family Trust'.
It makes it easier to pass property to heirs, limits tax consequences and generally avoids probate. And it's amendable. You really have to talk to someone in the know.
Good luck.

Drafted your wills.

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we set up irreovacable trusts instead of standard wills.

at work.

In comment 15265516 Matt M. said:

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we set up irreovacable trusts instead of standard wills.

Considering what Rick5 is looking for I would not do irrevocable. This seems more like a stopgap until children are old enough to be trusted if they had to inherit.

A divorce if done correctly. You have to think that way.

In comment 15265517 Matt M. said:

Quote:

at work.

The SECURE Act has taken away benefits a trust once provided to this type of strategy. Being that the trust is irrevocable may prevent you from making any changes, but I would recommend consulting your attorney.

If you don’t also have a living will (health directives) you should.

Also long term care insurance. My mom ended up having a Parkinson’s type condition and her long term care insurance was key to her living out her time as she wanted to without totally depleting her estate.

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