Inheritance Planning Archives - GP Schoemakers, PLLC

How to Leave Assets to Minor Children

Don’t Make These Common, Expensive Mistakes: How to Leave Assets to Minor Children Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Don’t make these common, expensive mistakes. Instead, here’s how to both protect and provide for the children you love. Common Mistake: Don’t Use a Simple Will to Leave Assets to Minor Children Many parents think if they [...]

How to Leave Assets to Adult Children

How to Leave Assets to Adult Children When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn’t necessarily mean they should receive equal shares of your estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to “compensate” a child who has been a primary caregiver. Some parents worry about leaving too much money to their children. They want their children to have enough [...]