[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/how-can-estate-planning-address-the-troubled-child-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/how-can-estate-planning-address-the-troubled-child-white-plains-ny-greenwich-ct\/","headline":"How Can Estate Planning Address the Troubled Child?","name":"How Can Estate Planning Address the Troubled Child?","description":"\u201cEvery family has one\u2013or maybe more\u2013black sheep. They\u2019re people who march to their own drum and handing them an inheritance could be problematic.\u201d Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn\u2019t pretty. Concerns may range […]","datePublished":"2021-01-05","dateModified":"2024-04-02","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be431ccbf.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be431ccbf.jpg","height":600,"width":428},"url":"https:\/\/www.amorusolaw.com\/blog\/how-can-estate-planning-address-the-troubled-child-white-plains-ny-greenwich-ct\/","about":["Estate Planning","Heir","Inheritance","Trusts"],"wordCount":547,"keywords":["Estate Planning","Heir","Inheritance","Special Needs","Trusts"],"articleBody":"\u201cEvery family has one\u2013or maybe more\u2013black sheep. They\u2019re people who march to their own drum and handing them an inheritance could be problematic.\u201dEvery family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn\u2019t pretty. Concerns may range from adults with substance abuse problems, an inability to make good decisions, or siblings with worrisome marriages. These situations can be addressed through estate planning documents, says the article “Estate Planning for \u2018Black Sheep\u2019 Beneficiaries” from Kiplinger.How can you prepare your estate when a problem child has grown into an adult with problems?You have the option of not dividing your estate equally to beneficiaries.Disinheriting a beneficiary occurs for a variety of reasons and is more common than you might think. If you have already given one child a down payment on a home while another has gone through two divorces, you may want to make plans for one child to receive their share of the inheritance through a trust to protect them.A family member who is disabled may benefit from a more generous inheritance than a successful sibling\u2014although that inheritance must be structured properly if the disabled person is receiving support from government programs.No matter why you decide on unequal distributions, discuss the reasons for any differences in your estate plan with your family or, if your estate planning attorney advises it, include a discussion of your reasons in a document. This buttresses your plan against any claims against the estate and may prevent hard feelings between siblings.You can change your mind about your estate plan if your \u2018wild child\u2019 gets his life together.A regular evaluation of your estate plan\u2014every three or four years or whenever big life events occur\u2014is always recommended. If your wayward child finds his footing and you want to change how he is treated in your estate plan, you can do that.Your estate plan can include incentives, even after you are gone.Specific provisions in a trust can be used to reward behavior. An incentive trust sets certain goals that must be met before funds are distributed, from completing college to maintaining employment or even to going through rehabilitation. Many estate plans stagger the distribution of funds, so heirs receive distributions over time, rather than all at once. An example: 1\/3 at age 25, 1\/2 at age 30 and the balance at age 40. This prevents the beneficiary from squandering all of his inheritance at once. Ideally, his financial skills grow, so he is better equipped to preserve a large sum by age 40.Trusts are not that complicated, and their administration is not overly difficult.People think trusts are only for the wealthy or are complicated and expensive. None of that is true. Trusts are excellent tools, considered the \u201cSwiss Army Knife\u201d of estate planning. Your estate planning attorney can craft trusts that will help you control how money flows to heirs, protect a special needs individual, minimize taxes and create a legacy. For families who have one or more \u201cblack sheep,\u201d the trust is a perfect tool to protect your loved ones from themselves and their life choices.Reference: Kiplinger (Dec. 8, 2020) “Estate Planning for \u2018Black Sheep\u2019 Beneficiaries“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"How Can Estate Planning Address the Troubled Child?","item":"https:\/\/www.amorusolaw.com\/blog\/how-can-estate-planning-address-the-troubled-child-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]