Trusts can provide an excellent way for clients to accomplish family financial goals both during their lifetimes and after death.
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Get it written →Trusts can provide an excellent way for clients to accomplish family financial goals both during their lifetimes and after death. You will review a scenario about a client who approaches your firm about creating a trust for his grandchildren.
Jack Lange schedules an appointment with your firm to create a trust for his grandchildren. Although he is not vastly wealthy, Mr. Lange owns a regional dry cleaning chain that he opened in the 1990s, and he has built a comfortable life for himself and his family. He wants to provide for his six grandchildren. In particular, he wants to encourage them to go to college, live a good moral lifestyle, stay away from drugs and alcohol, and get the funds when they are old enough to make some sound decisions.
Instructions
1. Review the scenario.
2. Your supervising attorney has asked you to prep the client for meeting with the attorney for estate planning by explaining to the client the following:
What type of trust provisions would you suggest that he might wish to think about and discuss with the attorney and why they might apply to his specific concerns?
What is the difference between a testamentary trust versus a living trust and which advantages there might be with doing this through a living trust?
Did you have ideas on what the trust could contain that would meet the client’s goals? What follow-on trusts (contingent or testamentary trusts for example) might be worthwhile to have the attorney discuss with them?
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