The antics of the Toronto Mayor have captured the imagination of an astonished public; including those of us here in the US that can’t wait to see what he’ll do next. To me he is like a Chris Farley character in some kind of a goofy Comedy Movie. His Brother, who looks just like him, apparently is very reliable and dependable.
The Wayward Child can obviously create dramatic consequences to a family’s fortunes. If you were give, or leave, money to someone like this Adult Wayward Child he would likely “blow-up” the money in reckless behavior, including alcohol and drugs.
When one does Estate Planning one has to consider what are the characteristics of the Surviving Spouse, along with the characteristics of the Adult Children. Is the Surviving Spouse weak in handling finances? Could they be taken advantage of financially? Would the Adult Child squander an inheritance? Do they have an alcohol or drug problem? Are they in a tenuous marriage? Does their erratic behavior create lawsuit liability?
All of these issues are at play when one is doing Estate Planning. Proper Estate Planning can protect the financially weak Surviving Spouse or the Adult Child who might be in a tenuous marriage, or in a high risk situation that could create lawsuit liability. They could be one that would squander the money or “blow-up” their inheritance if they have an alcohol or drug problem. All of these situations can be planned around with proper Estate Planning.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.