Hey, I'm Paul Rabalais and I want to go over a situation I dealt with a couple of days ago. A couple was in our office talking to me about how they wanted to leave things to their children. They were concerned a little bit about the financial responsibility of some of their children.
So we did is set up all of their estate planning legal documents so that when the parents pass away, the children will not get everything in a lump sum. It will be arranged so that the children will get a monthly amount every month until all of the parent's money runs out. The parents like that because the children had some debt problems and spending problems and they felt that this way was a better way to benefit their children over the long term.
So know that that is available to you. It may not be the most common way to do it but for this family this is what was best. We're going to be leaving things in trust for the children. They named one of the children who was responsible as the trustee of that trust to oversee that. But that trustee doesn’t have to be a child. If you have questions about that you can contact our office at 866-491-3884. Have a great day!
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