Video Summary
How can I help my kids so that they do not spend their entire inheritance after turning age 18? Well, number 1, is if they’re entitled to the money or they have the money in their name, there’s nothing you can do other than give them parental advice and hopefully they will listen to you. However, if there’s any planning to be done, you can provide in your will or your trust that their monies be held in a trust so that, I usually suggest that, their money be held until their age 25 with the direction of whoever the trustee is. So, hold the money for their health, education, and maintenance. And then at age 25 that they receive a third or a half of the money, and then they receive the balance of money at 30 or 35, depending if you want, at what age you believe that they would be responsible enough to take care of the money.
So, there’s little you can do if the money is in their name, you can do something about it as if you are putting it in your estate planning documents and they’ll be inheriting it from you. You can either put this in a testamentary trust, which is in your will, or if you want, you can set up a trust, if you’re by yourself and you want the money to be held after you pass away for them and so that they don’t receive it at age 18. If you have any questions, give me a call at (727) 847-2288.