FAQ Friday: Levels of Planning Part 1

On Friday, May 13th, at 11am EST, Mr. Berger describes the levels of estate planning for a married couple with minor children.

Some forms are acceptable planning and some are too minimal. Something unacceptable would be naming children outright when they are not old enough. This could raise court involvement.

Some Courts would send the money to the children at age 18, though 21 is usually more promising. A trustee would also have to ask Court permission to spend the money on your children which can be encumbersome.

IRAs can be paid out over 10 years after they turn age 18. Setting up a family trust upon first death funded by life insurance is most acceptable. We try and avoid anything having to go through probate to ease the process as much as possible.

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