5/8/2018: Planning for the Financial Future of a Troubled Adult ChildMay 9, 2018
Planning for the Financial Future of a Troubled Adult Child
Your 3-Step Guide to Creating an Informed
Are you concerned about any of your adult
children? Estate planning can pose extra
challenges for families with adult children
struggling with addiction, marital issues, or
irresponsibility with money. The last thing
you want is for your wealth to end up
having a negative impact on your child, or
to see them squander their inheritance.
Many parents are concerned about what
they can do to shield an adult child who
struggles with problems like these from bad
decisions and bad people that could worsen
their child’s situation.
This is often a hidden issue within estate
planning conversations, as it’s a sensitive topic that can bring up painful memories or emotions.
Some parents are apprehensive to discuss their troubled adult children with friends or
colleagues because of its private nature and potential for judgment from those outside the
However, estate planning offices like ours are safe spaces where we work diligently to craft the
best possible plan for your family while taking your unique challenges into account. While these
conversations may be difficult to have, they are crucial to ensuring that your wishes are carried
out the way you want. It is important to put your trust in your estate planning attorney knowing
that they have both you and your troubled adult child’s best interests in mind.
Step #1: Figure out what works for your family
First, understand that what works for your family doesn’t necessarily mean an identical plan for
each of your children — it’s okay to customize your plan to work differently for each beneficiary
Condie & Adams, PLLC
611 4th Avenue, Suite A
Kirkland WA 98033
Condie & Adams, PLLC is a
values-driven law firm
committed to providing
individuals, families and small businesses
with personalized, client-centered legal
services in estate planning, probate and
trust administration, tax planning, and
related legal matters.
depending on their unique path through life. Feel welcome to initiate a frank discussion with us
about any issues you may be concerned about regarding your adult children. The worst course
of action is to pretend the issue isn’t there or that it will somehow resolve itself. Bringing these
factors to light can only improve the situation and help you create the best possible plan for
Step #2: Create a tailor-made plan to mitigate risk
A lifetime trust can be a great solution to prevent an inheritance from making a troubled child’s
situation worse. Lifetime trusts spread distributions over the course of your beneficiary’s entire
life, significantly reducing the risk that they waste their entire inheritance on harmful
substances, irresponsible spending, or contentious divorce proceedings. Lifetime trusts keep
your wealth out of the hands of the probate and divorce courts and ensure that the assets
contained in the trust stay in the family even after a divorce. If you don’t already have the
benefits of lifetime trusts written into your estate plan (or simply aren’t sure), we can review
your current plan to make sure that it is customized to optimize your child’s long-term security
Step #3: Follow up with us continually
Once we have a plan in place to protect all members of your family, make sure you follow up
with us, your financial advisor, and your family to make sure the plan continues to work as
intended. You can rely on your financial advising and estate planning professional team to
answer any questions that arise and make any necessary changes as time goes by. Staying in
touch frequently means that your plans stay up to date and will continue to further your goals
for your family.
Give us a call today so we can make sure all your children get the most out of life and enjoy
ongoing financial security for years to come.
This newsletter is for informational purposes only and is not intended to be construed as written advice about a
Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax,
accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any
questions about this or any matters relating to estate planning.
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Condie & Adams, PLLC 611 4th Avenue, Suite A Kirkland WA 98033This entry was posted in archive-wealthadvisor. Bookmark the permalink. ← 5/9/2018: Solve the Troubled Adult Child Beneficiary Dilemma in Three Easy Steps 6/12/2018: Which Asset Protection Strategies Are Right for Your Clients? →