Contact Us
Please fill out the form below and one of our attorney will contact you.
Reviews and Ratings
-
What a great experience. Mike and his staff are the best Law firm I have encountered. They are down to earth yet professional. Mike takes time to address any concerns and answered all my questions. He took time to listen and guide me in the...
Show More -
Had a great experience at the Parham Estate Law. Fast and accurate service.
-
Great service but more importantly they are subject matter experts that I felt very comfortable with for estate planning services. They were patient, extremely knowledgeable, friendly, efficient, and flexible. I am glad I chose them for the...
Show More -
We have used Mike's services for over 10 years. He provides sound advice and easily answers any questions that we might have. He has a great staff who provides excellent communication.
-
They were very kind and accommodating to my grandmother & I. They squeezed us in last minute and took great care of us.
- posted: Jun. 21, 2021
- Special Needs Trust
High net worth parents in Tennessee and around the country are usually interested in passing some of their wealth on to their children. They may view trusts as a way of doing so. For example, trusts can be set up with conditions such as where an adult child can’t access the full balance until they reach a certain age. Or trusts may be tied explicitly to goals like post-secondary education.
Consider a trust
When a child reaches their late 20s or early 30s and shows signs of stability, their parents aren’t just proud. They may also breathe a sigh of relief. Perhaps it’s not necessary to worry so much about trusts anymore. However, this is premature. Without the benefit of strategy and instruments like a trust, an adult child’s inheritance can be at risk during a divorce.
Reasons to use a trust
One of the reasons to keep money in a trust for an adult child is to keep those assets separate. A trust in their name, especially if it’s only used to pay for assets held in their name, can act as a shield. It may keep assets from being considered part of the marital estate to be divided in the event of a divorce.
Sometimes, it can be hard to remember that estate planning isn’t just for death. It’s for life and all the ups and downs that come with it. It’s important to revisit an estate plan over time, even when laws are favorable to wealthy families. No matter what happens with limits to the size of the gift exemption, it’s crucial to always have a plan for the worst. Trusts can help people maintain their family wealth across generations when they’re used properly.
It’s always a good idea to seek advice from financial and legal professionals when creating or managing a trust. Using attorneys who are up to date on family and inheritance laws can help prevent big problems in the future.
