As a parent, you have likely felt the pressure to treat your children equally and not play favorites. When it comes to distributing your estate in your estate plan, you may feel the same pressure. If your children are young, deciding how to divide your estate is less complicated because there is no reason not to divide your estate equally among your children. If they are adults, however, you may face a dilemma. Because so many parents face this dilemma, the Essex Junction attorneys at Unsworth LaPlante, PLLC discuss whether you should feel compelled to distribute your estate equally among your adult children.
The Equal Gifting Dilemma
Being a parent undoubtedly places a long-standing expectation upon you to treat your children impartially, avoiding any hint of favoritism. This same pressure often emerges when it’s time to contemplate how your estate should be distributed. When your children are minors, the process of dividing your estate is relatively straightforward. You likely establish a trust to safeguard all assets during their minority. If there are remaining assets in the trust when your children come of age, these are typically divided equally among them. Dividing your estate equally among your minor children is a clear-cut decision, as there are typically no complex factors to consider at that stage. Once your children reach adulthood, however, these “complex factors” can become quite thorny. While the inclination to leave an equal inheritance is common, certain circumstances may cause you to reconsider that strategy. Ultimately, the assets you’ve accumulated throughout your life are yours to gift as you see fit, but your estate plan may be able to reconcile your dilemma.
Gifting Equally to Adult Children
While no two families have the exact same dynamics, there are some common family dynamics that cause a parent to second-guess the inclination to gift equally among his/her children, including:
- The Addict: No parent wishes to acknowledge that a child has an addiction. Yet, if you have an adult child struggling with substance abuse, gambling, or other addictions, it’s essential to confront this reality when making estate plans. Providing a substantial sum to an addict often results in money being squandered.
- The In-Law: Adult children frequently marry, introducing a new son-in-law or daughter-in-law into the equation. After marriage, your new in-law could pose a threat to your assets. Anything you bequeath to your child may be at risk in case of a subsequent divorce or due to mismanagement by the new in-law.
- The Child with Mental Health Issues: If your child grapples with mental health issues, handling an inheritance can be daunting. For those with special needs, receiving an inheritance might jeopardize eligibility for crucial state and federal assistance programs such as Medicaid and SSI.
- The Spendthrift: Most families have a member who struggles with financial responsibility. No matter how many discussions you’ve had about prudent financial planning, this child continues to encounter money problems.
How Can Estate Planning Help?
If you harbor concerns about a beneficiary mishandling a lump sum inheritance, utilizing a trust to distribute their bequest may be a wiser alternative. A trust empowers you to retain a measure of control over the gifted assets even after your passing. A Trustee, chosen by you, administers and disburses the assets according to terms you define. This enables you to stagger the inheritance or allocate it in smaller portions over time. You can also specify the purposes for which the trust assets can be used if you’re apprehensive about their utilization by the beneficiary. For instance, you may set the trust to make direct payments for mortgage or rent only or earmark the funds exclusively for education or medical expenses. As the Settlor (creator) of the trust, you establish the terms according to your wishes.
Do You Need Help Deciding Whether to Distribute Your Estate Equally Among Your Adult Children?
For more information, please attend one of our upcoming FREE webinars. If you are a parent who is struggling with how to distribute your estate assets among your adult children, contact an experienced estate planning attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.
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