If that headline resonates with you, you’re probably not the only one. I find that many of my clients have reservations about their children’s marital choices. Sometimes the concern is one about fidelity. Sometimes it is behavioral, like: “Suzy’s husband blows all his money on toys,” or “he’s just lazy.” I have many clients who are working hard to save money to help their children financially, but are concerned that their children will lose it all to a divorce once they’ve passed.
It’s such a common concern that a couple years ago, I started asking all of my clients whether they want to protect their adult children from an untimely divorce or kid’s poor decision making. A surprising number of people do. I get it. With divorce rates exceeding 50% of all marriages, I think it is foolhardy to pretend that it couldn’t happen in your family.
Sometimes, my clients will say something like “I don’t want to control my kid from the grave, but I just don’t know about this new Wife of his.” I get it. We all want happiness for our children. Most of us don’t want to control their decisions. However, I think it is perfectly normal to want to protect our kids.
This is commonly done by leaving our children their inheritance in something called a Beneficiary Controlled Trust. This device allows your children to control their inheritance and make their own investment and spending decisions. However, if they run into marital or creditor problems, the assets are isolated and protected. If this is something you’d like to learn more about, consider attending a workshop at our office or other areas around the community. Call us at 724-841-1393 to register!