Adult Children and Money: An Estate Planning Perspective

Gallo, Jon J.
October 2002
Journal of Financial Planning;Oct2002, Vol. 15 Issue 10, p36
Academic Journal
This article focuses on an advice for financial planners on how to help their clients educate their children about management of family money. Far too few financial advisors think of themselves as resources who can he used to educate their clients' children in the appropriate management of family-money. Psychologically, trusts created for children are meaningful to them in ways that other money subjects aren't. There are ways to help client turn a trust for his or her children into an educational money management vehicle long before the children actually start receiving trust distributions. The trust agreement should provide that all children who have reached age 15 are to meet periodically (at least once a year) with the administration trustee and the trust's financial advisor. At some point each child should become a co-administrative trustee of his or her trust. Client could select an age for this purpose, such as when the child reaches age 18, 21 or 25.


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