Estate Plans for When Your Kids Won’t Do As Well As You

Posted on: Thursday, May 22nd, 2014

Doug Chalgian

By the time I meet with clients (usually in their 50s or 60s, if not older), they have a pretty good idea of how
their children will make out: whether their marriages will be successful, whether they will have children, and what
their prospects are for a sound financial future. All this is good to know when preparing an estate plan.

Lately I’ve been seeing a lot of clients who have done well financially themselves, but who can see that their children
are never going to enjoy the same level of material success as they did. They love their children and grandchildren to death
— but they worry about how they will fare financially in the future. Typically these clients have two main concerns:

  • Providing a mechanism to assure that their children will have
    something to live on when those children are no longer able
    to work.
  • Providing their grandchildren with the ability to get a college
    degree without being burdened with a large debt.

With respect to each of these concerns, there is more than one
way to approach the issue, and there are special considerations
with respect to each approach.

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mm By: Doug Chalgian
Doug Chalgian