When I started getting into trouble I became pretty acclimated to legal procedures. Calling my attorney and working out bail was just another way to spend a Saturday night. Unfortunately, the stiffer the charges, the more difficult it was to talk my way out of a bad situation. After so many charges, I found myself slapped with a long jail sentence, and I realized that I wanted to turn things around. Fortunately, my lawyer was able to walk me through yet another process, so that I could make the right changes. My blog discusses how to emotionally cope with legal issues so that you can start living a good life.
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When you think about setting up a "trust fund" for your child, you might think about doing it when they are younger than 18. You may have never really thought about setting up a trust for an adult child, but this can be a good choice in many situations. These are some of the benefits of doing so.
1. Protect the Money
For one thing, if you set up a trust fund, you can help ensure that your child's money is protected. For example, a trust fund can protect the money from creditors, and it can help you ensure that your child does not lose the money in a divorce. Your lawyer can tell you more about how money is protected when it's kept in a trust.
2. Ensure the Money Isn't Spent Too Quickly
Another reason why a trust fund can be a good idea is because this can help you control how much your child spends and at what rate. If you know that your adult child can tend to be a little bit reckless with money, for example, you could be worried about him or her blowing through an inheritance very quickly. With a trust fund, though, you can ensure that a little bit of money is paid out at a time. This can help you ensure that your child has enough money to live off of but can prevent him or her from spending recklessly.
3. Ensure Your Child Is Looked Out for in the Future
At some point in the future, your child could become incapacitated in some way. If this is the case, then he or she might need some help. If the money is in a trust fund, then you can help ensure that the money is available so that your child can receive the care that he or she needs later on. If the money is in a trust and not sitting in a bank account, your incapacitated adult child might still qualify for some benefits as well.
As you can see, trust funds really aren't just for children. In many cases, a trust fund can be a good option for adult children as well. These are some of the reasons why you may want to talk to your attorney about the ins and outs of setting up a trust fund. Then, when you learn a little more about it and compare it to some of your other options, you can determine if it is the best choice to make for your adult child.
Talk to an estate planning services attorney for more information.
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