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Meanwhile, my son went to law school, earned big bucks quickly, decided he didn't like working, quit his job, divorced his wife, and literally was living in an RV as he traveled aimlessly around the country, going to concerts, Burning Man, living in state parks for weeks at a time, then moving on, a ner-do-well vagabond. Then he got in trouble with the law for reasons that are too embarrassing to talk about, but not murder or anything like that, and presently is in prison.

I too suggest a trust. It can protect the assets from debtors and lawsuits. You can have someone manage the trust, have the income pass through the trust to your son, and then at his death it can either pass to your daughter or remain in trust for her kids or go to charity. You can set it up in a variety of ways, and I suggest talking with an attorney who handles wills and trusts to set this up.

We have a trust set up for our kids, mostly as a safeguard against them inheriting too much too young if we get hit by a semi while driving down the interstate. We chose to give them the option of dissolving the trust at 35, but they have the right to retain it if it is to their benefit to do so, (divorce or lawsuit comes to mind.) There is real estate in the trust, which we have in there as subject to sale and division of proceeds, or they can buy the property from their share of the trust at a price set by appraisal, the property remaining in the trust for their use until they get it at 35.

You can set up the trust in almost any way imaginable. A lawyer can guide you.

DH is also a recipient of a nightmare of a trust. Binder of documents is so big and complicated that it was hard to get anyone to be co-trustee with him as required, particularly given the very small size of the trust. Keep it as simple as possible and documentation to a minimum.

IP
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