Newsletter

5/8/2018: Planning for the Financial Future of a Troubled Adult Child

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Planning for the Financial Future of a Troubled Adult Child

Your 3-Step Guide to Creating an Informed

Estate Plan

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

family.

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

From

Condie & Adams, PLLC

611 4th Avenue, Suite A

Kirkland WA 98033

425-450-1040

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

your family.

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

and well-being.

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 98033

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