This transcription was AI generated

Transcription:

00:00:03 It’s fairly common for clients to come in and say, “I’ve got a a four-year-old. I’ve got a 12-year-old. I’ve got a 16-year-old. How what do I do about that?” The first thing I always ask is, “Well, who’s going to be the guardian if both of you pass?” Once you have that out of the way, then the question is, what happens to the assets? Now, the short answer is, no matter what you do, unless you plan for it, that child will inherit whatever they’re going to inherit on their 18th birthday. And the line I like is an 18-year-old boy with

00:00:32 $100,000 is a 19year-old boy with nothing. So the way I plan for that is I create a trust that holds the money until they’re at least 25 and preferably 30 and have somebody else be the trustee so that during that their teens and 20s they learn how to manage the money and it’s and it’s not wasted. prior to their becoming 18, the trust could handle the money for them during that period. And you can also do what’s called a uniform gift to minors act. That takes some planning and some thought. So something

00:01:07 you should consult an attorney about.