Showing You Care With Incentive Trusts-faxuan.net

Legal When you are taking stock of your assets while planning your estate, you may recognize that you are in a position to provide life-changing bequests to your loved ones. Of course no one wants to pass away, and this transfer is something that you want to put off as long as you can, but it certainly is a good feeling to know that you will be able to provide for your family, regardless of the amount. However, it is not un.mon for people who are in this situation to be concerned about members of the family who may be receiving too much too soon, or those who have personal problems or a demonstrated history of poor financial decision-making. So how do you make sure you are doing the right thing by leaving certain loved ones a large inheritance? Suppose one of your family members has a drug problem. The sudden access to a large sum of money could lead to an exacerbation of the substance abuse that could .e to a tragic end. In another type of situation a young heir with promising academic potential might lose the incentive to realize that potential if he or she has no financial motivation for doing so. People who have these types of concerns may want to consider the creation of incentive trusts. With this type of trust the beneficiary must abide by stipulations that are laid out in the trust agreement in order to receive distributions from the trust. So the relative with a substance abuse problem might be required to .plete a rehabilitation program and agree to regular drug testing as a condition that must be met before distributions will be made. The student might receive regular distributions while he or she stays in college and perhaps receive an additional lump sum distribution upon graduation from undergraduate and graduate schools. Incentive trusts serve a purpose, and they’re certainly not going to be the right choice for all of your heirs. 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