The other day I met with a husband and wife and their adult son to discuss the parents' estate plan. We discussed tax planning, avoiding probate and steps to provide for financial management if either or both spouses become incapacitated.
Then I told the son that he and his sister have a choice. When they inherit from their parents they can either have everything distributed outright to them or have it remain in trust for their benefit. We call these "family protection trusts." As I explained to the son, family protection trusts provide the following benefits:Read More