Leading Estate Planning Attorney Robert Brumfield Lays Out Ground Rules On Children’s Inheritance – Bakersfield, CA
May 17, 2021
Robert Brumfield founder of the Law Offices of Robert H. Brumfield, P.C. in Bakersfield, CA outlines concerns about how children may spend their inheritance and future-proofing against this is important when estate planning. For more information please visit https://www.brumfieldlawgroup.com
Bakersfield, CA, United States - May 17, 2021 /MM-REB/ —
If you're concerned about how your children will spend your inheritance, then future-proofing is one of the best options to consider, estate planning lawyer Robert Brumfield founder of the Law Offices of Robert H. Brumfield, P.C. has revealed.
For more information please visit https://www.brumfieldlawgroup.com
Setting down rules, appointing a trustee and creating trusts will help guard against bad financial management in the future, advised Brumfield.
He said: "To ensure that an inheritance isn't blown completely in one go, you could establish a trust that releases the money in pre-agreed installments."
Appointing a trustee – someone in a professional position as opposed to family and friends – would help solve the awkward issue of divesting the decision-making power outside the family/friends circle.
He added: "You can put your inheritance in a trust and appoint someone who will act as a trustee to make financial decisions on behalf of your child who would be the beneficiary.
"However, having a trustee that is a family member or friend to preside over your trust might be tricky as the trustee will have the decision-making power to provide your child with access to their inheritance. This may well be too much responsibility, so a professional trustee could well be a better option."
Creating a trust with stepped, periodic installments would also control the flow of money over a period of time. "You can state when installments should be paid – whether they are monthly, quarterly, annually or every five years over a period of time," added Brumfield.
He said incentive trusts could also be put in place to reward good behavior while disincentivizing bad behavior. "With an incentive trust, you can arrange payment to be made for something towards attending a university, getting a job or getting off of drugs or alcohol."
Brumfield commented that while many middle-class parents worried about how their children would spend an inheritance, one option was to disinherit them altogether. "They have the option of not leaving anything to an adult child.
"The best way is to explicitly state in the will and trust that you don't want to leave them anything. Provide the child's name you don't want to leave your inheritance to and that it's intentional. In other words, you're not required to state your reasoning," he confided.
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Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com
Source: MM-REB
Release ID: 89013302
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