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Seeking advice when setting up a trust for minor children

| Nov 5, 2020 | Estate Planning |

There may be many parents in Louisiana and elsewhere who feel it vital to make plans to continue providing for their children throughout life. In some cases, one could choose to take advantage of the possible benefits of using a trust to achieve their goals. Those weighing the possibility of creating a trust may find it helpful to address a variety of factors, especially when minor children are involved.

When it comes to addressing one’s options for asset distribution, understanding how the age of his or her kids might factor into the equation could prove imperative. For instance, minor children might not be eligible to take possession of inherited assets until they reach a certain age. There may also be some level of concern over how a child who has only recently reached the age of adulthood might not be fully prepared to handle an inheritance and including terms to help shield them from such issues could be vital.

Parents who share such concerns or who have multiple children to provide for may wish to know more about the options to help protect their kids by adding flexibility to their plans. In some cases, a parent may have the ability to structure a trust so that its behavior modifies over time. One could also consider setting the trust to distribute assets to kids over time, as such options could help shield the assets within from a child’s creditors.

With various topics to consider and options to weigh, creating a trust can seem somewhat complex in nature. Individuals in Louisiana who wish to seek insight in covering every crucial topic could choose to speak with an estate planning attorney for guidance early in the process. An attorney can address all a client’s wishes and assist in working toward creating a plan that focuses on safeguarding the future of his or her minor children.