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Not unusual for clients to come in and they have minor children. So, I’ve got a six-year-old and a 12y old. What do I do? The first question I always ask them is, well, who do you want to be their guardian if both of you go? And that often is the the trickier part. Assets are fairly easy once you understand what’s available. So, first question, I’ve got minor children. Who do you want as your guardian? Second question is how to manage the assets. Understand that if you simply leave the

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money to your minor children, they will get it all at 18. An 18-year-old boy with money is a 19-year-old boy with nothing. So, you want to do something that protects them from themselves. And what I typically do is set up a trust that keeps the money in the trustes hands. Somebody that is going to look out for that child until that child is say 25. That’s my number. You can have whatever number you want. Then they come on as a trustee, as a co-rustee, they learn how to manage money. And at age 30, they get to manage the money

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themselves. If you want to discuss this or other ways to protect your minor children, give me a call. will set something up and have you come in and we’ll talk about it.

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The difference between a revocable trust and an irrevocable trust is right there in the name. Revocable trust, you can put money in today and decide tomorrow that was a bad idea and ask the trustee for your money back. Irrevocable trust once you put it in, it’s very difficult to get it out. Not impossible, but difficult. The revocable trust typically is people who it’s not that they say, “Give me my money back.” It’s that they say, “I’ve changed my mind on who should

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get X, Y, or Z.” you can go in and amend that trust as well. So, it’s revocable and amendable. Irrelevable trust can’t be amended. People typically hear about irrevocable trust from financial planners or internet research as if it were some great uh protection against predators. I have to warn you, it isn’t anywhere near as good a protection as they like to make it out to be because they want to get you into doing it trust and collect their fees for it. If you want to talk about either kind of trust,

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give me a call. We’ll talk about that or any other matter, including probate.

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The question arises occasionally people want to name a charity. It’s typically something like I want to give $10,000 to this particular fund. That’s not a problem. You can put that in the will and no one can challenge it. The real problem arises if you say I want to give everything to charity and I’ve had that situation arise. And the problem is if there’s a spouse, the spouse has what’s called a spousal election and can override that wish. Now the extent to which they can override is a matter of

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law. That’s too complicated for this video. But if you’re thinking about really a charity is well, it’s really only if everybody else is gone. So my wife has passed, I don’t have any descendants, then I want to give it to some charity. That’s just a default mechanism in your will. If you’re really thinking about charity and you want to do something now though, we should talk about it because there are income tax deductions and benefits available to you if you set something up

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now. Not estate tax benefits, but income tax benefits. Give me a call. We’ll walk through it and talk about that or any other matter.

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It’s become very common to have stepchildren. People will come in and say, “I’ve got two from my first marriage. My wife has one from her first marriage. How do I make sure they’re treated fairly and evenly?” Or, “I don’t want her kids to have anything.” The first one is easy. You write a will that just divides everything up. Typical will is if I die, everything goes to my spouse. If she’s not there, then divide it up amongst my kids. You would just say divide it up amongst those three.

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The problem arises when you don’t want that. When she gets the assets, she can decide that her kids get the assets and your kids are excluded. So, what you want to do is set up a trust that sets forth exactly what you want and make sure that your kids are taken care of the way you want your kids to be taken care of. If you want to discuss this or any other matter, including probate, give me a call. We’ll set something up.

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It is not unusual for someone to come in and talk to me about their children and say, “Look, I love my son. I love my daughter, but that marriage is not real good. I don’t like the guy. I don’t like the the woman he married. I want to make sure that if I go and then he’s getting my son is getting my assets that if he goes, she doesn’t get it or that she doesn’t control how that money is spent.” Really, the only way to do that is with a trust. So you set up a trust and you would say, “Okay, when I die,

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this money goes into my son’s trust and you make the son the trustee so that if he really does want to give the money to his wife that you don’t like, he can do that. But you advise him, look, if you take it out of the trust, you make it a marital asset. You lose it. You lose some portion of it in a divorce. So keep it in the trust. Then you keep it in the trust for his life and then it goes where you want it to go which is typically to your grandkids or great grandkids. So it keeps it out of the

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hands of that woman, that wife or that husband that you don’t like.