Do you want to provide for or leave your assets to your grandchild or grandchildren upon your death? This desire is not uncommon. Some people want to provide for their grandchild in place of their deceased child, others want to skip a generation and provide for a grandchild instead of providing for their child, and others want to provide for a grandchild in addition to providing for their children. No matter what the reason may be, providing for grandchildren or some other relative that is not your child, requires more advanced estate planning than a simple last will and testament.
When leaving assets to a grandchild, some important items to consider include the following: 1) whether the grandchild is a minor or has any disabilities; 2) whether your estate will be subject to generation skipping transfer taxes as a result of providing for your grandchild; 3) whether your grandchild is responsible enough to receive the beneficial interest at the time of your death; and 4) whether such distribution should be delayed to a time when the grandchild may be older. These are just a few of the factors that should be addressed when leaving assets to a grandchild as part of your estate plan.
At Thomas Law Group, we spend valuable time consulting with our clients to discuss the benefits of providing for grandchildren. We advise our clients on the possible issues that may arise from such a beneficial designation in light of their overall objectives, and discuss a plan to best accomplish their desires and meet their expectations in terms of time and cost. Once a plan is approved we prepare the necessary and elected estate planning documents, review with our clients, and assist in the signing of these documents.
Contact the attorneys at Thomas Law Group to discuss questions or concerns related to providing for or leaving assets to your grandchildren upon your death, and how to best address such desires.