I'm not handing my daughter a huge payout when I die. She would blow through it in a year. With a trust, her mortgage/car will be paid. She will never go without a roof over her head.
I love my daughter and granddaughter. I like my son-in-law and genuinely hope their marriage will last. With a trust, if they get divorced, he can't claim any of it.
And BTW, no one would have ever heard of Marie Osmond had it not been for the success of her brothers, and that wouldn't have happened were it not for their parents.
“and that wouldn’t have happened were it not for their parents.”
And Andy Williams ;)
I'm 99% certain that I've read...more than once...that an inheritance doesn't count as a "marital asset" in divorce court.
“I’m not handing my daughter a huge payout when I die.”
We don’t have kids, so don’t have those decisions to make. It would be hard to say “No” to leaving children a good inheritance but Marie might be smart.
They’re Mormans (I think they still are), and the ones I’ve known have been hard workers and pretty successful. Probably they’re already doing fine on their own.
Agree.
People say it ruins the children, that all depends.
Yes when they are 18, the same person at 50 after they have worked 25 years and had a family? Not likely.
There is another side of the coin, one might leave their children destitute while the US Cat Fund (pick your charity) spends your millions on lavish parties and “training” session in the Bahamas.
Ever seen some of the salaries of the administration in the big charity groups?
Have you set up a corporate trustee to manage how the money is disbursed and what it is to be used for?
Your plan makes perfect sense, structuring the inheritance to ensure that it will last.
My aunt & uncle setup a trust for their 5 kids after hearing about my parents troubles with 2 of their daughters costing them their savings.
Marie Osmond was very lucky to have had her parents who put her brothers on stage who in turn paved the way for her.
She should help her kids. One killed himself in 2010.