Houston Estate Planning and Elder Law Attorney Blog
The vast majority of estate planning lawyers get requests for trusts that "motivate responsible behavior by the next generation," said Los Angeles lawyer Jon Gallo, who presented an overview of the topic at the annual Heckerling Institute on Estate Planning.
If you are leaving behind an inheritance for the good of your young loved ones, you likely want to ensure that the inheritance will be a blessing and not a curse. Are they ready for the responsibility of having wealth? Or will they use it for "fun" to their own detriment? With careful planning you can make the inheritance itself provide the incentive to engage in good behaviors.
Incentivized inheritances offer you the chance to give the gift of possibilities and a secure future. Properly planned, such an inheritance can make your heirs pause to respect the inheritance and take responsibility for it. The Chicago Tribune looked into the topic in a recent article titled “Making sure your kids are trustworthy.”