For most of our estate planning clients, their general desire is to leave their estate (eventually) to their children.  That’s usually an easy decision, but it is only a starting point for what needs to be an extensive discussion. One of the biggest decisions our clients need to make is how the child will receive his or her inheritance. Essentially, there are only two ways to leave assets to a person – either outright or in trust. That being said, there are many varieties of trusts that can be designed to provide different levels of control and flexibility.  Let’s look at these options in further depth.

The term “estate planning” encompasses not only planning for your death, but also for your disability. As we all know, people are living longer and the likelihood that you will experience Alzheimer’s, dementia, diminished capacity, or other cognitive impairment before you die has increased dramatically. Thus, no estate plan is complete without taking steps to ensure that, if you become incapacitated and can’t make decisions for yourself, someone you trust will be empowered to act on your behalf.