What to do if I want to leave my son a sizeable sum but he has a history of divorce?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 10 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.