alcoholic son

[jjross]

What is the name of your state?undefinedWhat is the name of your state? Arkansas.

My husband has a very competent daughter and I have a son who is an alcoholic and homeless and in general not a person to whom you could leave $100,000. At this time we have the wills which give sole ownership of all to each other unless we are both killed or die at the same time. In this case things are to be split 50/50. However in the case of my son I have to think of some method of willing him the money without giving it to him all at once. Since we can not set up a trust at this time it was suggested to me by my banker that I provide for an insurance annuity to spring to life upon my death or a testamentary trust. Can anyone lend any light to a sad situation.

 

[divgradcurl]

What is the name of your state?undefinedWhat is the name of your state? Arkansas.

My husband has a very competent daughter and I have a son who is an alcoholic and homeless and in general not a person to whom you could leave $100,000. At this time we have the wills which give sole ownership of all to each other unless we are both killed or die at the same time. In this case things are to be split 50/50. However in the case of my son I have to think of some method of willing him the money without giving it to him all at once. Since we can not set up a trust at this time it was suggested to me by my banker that I provide for an insurance annuity to spring to life upon my death or a testamentary trust. Can anyone lend any light to a sad situation.

A testamentary trust is probably the way you want to go. A "spendthrift" trust will give the son some, but not complete, control over how the trust assets are distributed; a "support" trust will give the son essentially no control over how the trust assets are distibuted. Talk with a local estate planning attorney in order to ensure that your wills are properly drafted to create the trust.

 

[Dandy Don]

You say "you can not set up a trust at this time" but you might be mistaken about what the actual cost is.

The trust department of a bank can give you advice about how to do this or a certified financial planner can do the same. Get information about pros and cons of the insurance annuity and the trust so you can decide which one meets your needs better.

DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

A testamentary trust is probably the way you want to go. A "spendthrift" trust will give the son some, but not complete, control over how the trust assets are distributed; a "support" trust will give the son essentially no control over how the trust assets are distibuted. Talk with a local estate planning attorney in order to ensure that your wills are properly drafted to create the trust.

Whether you set up your trust during your lifetime or at your death, make certain you follow divgradcurl's advice on the spendthrift/support business.

http://www.assetprotectionbook.com/AR_MedicalPark-Bancorpsouth_2004.htm

Make sure you hire an attorney who is exceptionally qualified in chancery.

 

[jjross]

Thank you all for the input. It is my limited understanding, although I intend to research all of this as suggested, that a trust would tie up moneythat is not yet usable. What I need to do to allow my son to inherit is to have something in place that will "blossom" upon our death's that is to say after all the assets have been liquidated and are ready to be divided.

 

[divgradcurl]

Thank you all for the input. It is my limited understanding, although I intend to research all of this as suggested, that a trust would tie up moneythat is not yet usable. What I need to do to allow my son to inherit is to have something in place that will "blossom" upon our death's that is to say after all the assets have been liquidated and are ready to be divided.

That's why we suggested a "testamentary trust" -- that's a trust that becomes a trust only when the will is probated -- in other words, after someone dies.

Go see an estate planning attorney.