Children are often a catalyst for creating an estate plan, last will and testament, and a trust. These things make sure that assets are protected for children, that education or other priorities are funded and that the taxable burden of the transition of wealth is minimized. At Richard Cunningham Law, we guide our clients through the legal issues surrounding securing a future for minor children.
Education trusts can be established with any number of terms to incentivize children in completing their formal education. They can be structured in any number of ways to apply to universities, trade school, or liberal arts programs.
One of the largest considerations for parents is who to name as a guardian of their minor children. The individuals named must agree to be the guardians, and in some instances this guardianship may be contested. Whenever possible, it is best to discuss these possibilities and make appropriate arrangements before they are needed.
Scheduled distributions are often preferred on larger estates, as opposed to providing beneficiaries with a single, large, lump sum. This distribution schedule, terms, and limits should be clearly defined. For most people they will not have the expertise necessary to understand their options, but a knowledgeable attorney can certainly help guide you. Choosing Cunningham Law ensures that you will have a firm understanding of your options, and make the choices right for you, and your family’s future.
Life is uncertain. The best time to make a plan is right away. Contact Cunningham Law for an affordable, comprehensive estate plan that will help provide for your children’s futures.
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