Should You Include a "Spendthrift Trust" in Your Will?

Does your child have the same appreciation for hard-earned money that you have? If not, perhaps you should consider a spendthrift trust? Let's say you leave $500,000 of assets (or any amount) to each of your children. It is likely that within a short period of time, they will have: spent it; mortgaged it; or lost it to creditors. In order to protect your heirs from themselves, you can provide in your Louisiana estate planning documents that your children's inheritance will be placed in their Spendthrift Trust after you die. If it's set up properly, your children's inheritance will be protected because it: can not be spent immediately; can not be alienated, sold, or mortgaged; can not be taken by your children's creditors. If your children are like most, they won't fully appreciate the value of their inheritance because they did nothing to earn it. If you or a loved one live in Louisiana and would like to know how to protect an inheritance from themselves and their creditors, send me an e-mail at paul@rabalaislaw.com, and I'll be happy to e-chat with you about it. Paul Rabalais