Was working with a gentleman yesterday from Lafayette, Louisiana. He was retired but while working, he built up a business. He mentioned his estate was worth $7-8 million - much larger than most.
He had one child who was in his early 50's. The child had two children, but the child was divorced from their mother. The child was about to marry for the second time - to someone who had four other children of their own.
The gentleman and his wife were not particularly fond of their son's fiancé, and they quite certain that they did not want the new wife to wind up with the $7-8 million estate. And they also did not want their new step-grandchildren to get any kind of big windfall one day.
He was also concerned that if his only child received this large estate all at once, then it might do more harm than good for the child, because the child has always spent more than the child had. So we discussed arranging an estate legal plan so that after the gentleman and his wife die, the estate will remain in trust for the benefit of the child. The child will receive distributions each year from thistrust. And when the child dies, if assets still remain in the trust at that time, the trust assets would then pass along for the benefit of the child's two natural children. Neither the new daughter-in-law, nor her four children, would inherit from this couple.
If you want to make sure that your estate "stays in the family," and stays out of the hands of over-reaching in-laws or step-grandchildren, you may want to reach out to us and have a conversation about how simple it is to get things set up the right way - the first time. Call 866-491-3884.