We’re not talking about kids here. We’re talking about adults. Adult children who may have destructive habits, such as alcohol- or drug addiction or gambling. It could even be a mental health issue. Quite often, parents want to provide for their children after they’re gone…but don’t want to provide money to fuel the fire that’s’ consuming their child. And, often, they come to me for advice.
The answer is what I call the Lifetime Love and Protection Trust (LPT).
A Love and Protection Trust is a legal tool, based on your written instructions, that can protect an adult child who may not manage his/her money wisely. Financial professionals will manage the money, while a professional trustee will make the decisions necessary to protect both your child and your trust.
The LPT, basically, prevents an adult child from blowing the money you’ve left him. And it protects your estate from failed marriages, creditors, and others who may want a slice.
Because of past mistakes, some adult children are vulnerable to lawsuits. But an LPT can address this issue…as well as serve as a barrier to drug or alcohol abuse, by offering more involvement to your child if he/she can change his life. It can build a protective wall around your legacy…and provide for the special needs of your child.
A Love and Protection Trust will be there for your child after you can’t. And your legacy will give your child the chance to flourish if they choose to seek help. This type of trust can be a vital part of an estate plan that includes a will, long-term care planning, asset protection, and Medicaid/VA assistance.
It’s one of the greatest gifts you can leave a child who’s made some irresponsible choices. And it’s a gift for yourself, as well…the gift of knowing your estate will not be drained in an irresponsible manner.
At The Law Offices of Alice Reiter Feld & Associates, we’ve been doing these types of trusts for 33 years. And we’ve helped thousands of seniors feel more secure about their financial legacies…and more hopeful for their children. We’re Elder Law attorneys. And we know how to protect both your legacy and your children.
We can help you do both, too. Just give us a call.
Child-Proofing Your Estate: The Love And Protection Trust