What to do if I want to leave my son a sizeable sum but he has a history of divorce?

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What to do if I want to leave my son a sizeable sum but he has a history of divorce?

He has just left his second wife for a 4 times divorced female with 5 kids. I have a feeling that he will be husband #5 for her, and as soon as he receives an inheritance, she will dump him. I think a fixed payment annuity would be a good place for the money. Is there any way that he can be kept from cashing in the annuity early?

Asked on July 1, 2013 under Estate Planning, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Very likely, the best thing to do would be set up a trust for him, with some person other than him (e.g. a trusted CPA, lawyer, uncle, etc.) as trustee. The trust can specify that he only receive so much per year and/or that it only be used for certain purposes. There will be no way for him to get the money otehr than as the trust specifies. This can be an inter vivos trust (one you set up and fund now) or  testamentary trust (one created by your will, upon your passing). Any trust and estates attorney can set this up for you easily.


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