Incentive Trust Allows You To Pass On Assets and Values
One of the issues concerning parents or grandparents with significant assets to pass on to children is the ability to pass along their values as well as to how those assets should be used. Too often we hear about heirs who have spent their inheritances unwisely, leaving nothing for their later years or future generations.
An incentive trust is a useful estate planning tool that will allow you to pass along some of your values as well as your assets. For example, an elder benefactor who values education can define in the trust how their assets are to be spent, such as for a college education.
If you have earned your assets through starting a company or just plain hard work, you can incentivize your children or grandchildren to do the same by leaving them assets earmarked for entrepreneurial ventures.
If you wish to pass along your charitable intentions, you can require in your incentive trust that certain assets be used to pass along gifts to charitable organizations - either ones you value or those that your heirs choose themselves.
An incentive trust fulfills the wishes of benefactors to pass along values while still providing for children or grandchildren financially.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.