When planning for the future, you may find yourself concerned about one or more of your beneficiaries’ abilities to responsibly handle their inheritance. A spendthrift trust may be the perfect solution.
At the Law Offices of Andrew Cohen, our legal team can tailor a spendthrift trust to meet your unique circumstances. Contact our San Luis Obispo spendthrift trusts attorneys today and schedule a free consultation of your case by clicking here or calling 661-481-0100.
Why You Should Work with The Law Offices of Andrew Cohen
Estate planning, including the use of spendthrift trusts, aims to protect a dependent’s future when we are gone. Attorney Andrew Cohen understands first-hand how important family is and will work to ensure their best interests are protected through:
- Responsive communication to understand the client’s situation and goals
- Identifying the pros and cons, benefits and downsides, for each choice presented to the client
- Continued communication throughout the design and drafting process
How Do Spendthrift Trusts Work in San Luis Obispo
If you have a beneficiary that may use their inheritance irresponsibly, or may simply not be mature enough to take on such a task, you should contact a spendthrift trust attorney in San Luis Obispo today. Our knowledgeable legal team has extensive experience drafting spendthrift trusts and can add inheritance clauses to better protect their future.
An inheritance clause is a condition to receive funds from the trust. For example, you can require clean drug screens with 90 days of sobriety before receiving a benefit. Or you may design the trust to pay out incrementally that grows bigger over the years.
After you have worked hard to accumulate financial independence, concerns over a beneficiary’s ability to use their inheritance are well-founded.
How a Spendthrift Trusts Attorney Can Protect Future Generations
Family wealth, or old money, is disappearing in America. According to a study by Roy Williams and Vic Preisser:
- 70% of affluent families will lose their wealth by the second generation
- By the third generation, 90% will have lost their family’s wealth
- 3% of failed wealth transitions were caused by poor investment advice
To prevent your family’s wealth from being lost in the next generation, a spendthrift trust may help. Spendthrift trusts are set up to release funds in increments over time, which:
- Protects against bad spending habits, including gambling and addictions
- Will bypass probate
- Will prevent creditors from coming after the inheritance
Contact a Spendthrift Trusts Attorney in San Luis Obispo Today
If you have a beneficiary who struggles with drug addiction, gambling, or excessive spending, contact the Law Offices of Andrew Cohen. Our spendthrift trusts in San Luis Obispo can help you leave an inheritance to someone who is irresponsible and trust that it will not be wasted or used to fuel an addiction.
Spendthrift trusts are a great tool to protect those you love from themselves when you cannot. Contact the Law Offices of Andrew Cohen today and schedule a free evaluation of your case by clicking here or calling 661-481-0100.
