Many people suffer from substance abuse or addictions and parents struggle with protecting their children with addictions while also taking care of them. In estate planning, the problem can be even more difficult because no one can predict the future.
A person with substance addiction may be rehabilitated or may relapse and a parent wants to do what he can to provide for children without financing substance addictions. A parent may be hesitant to leave a large inheritance to an adult child with addition issues because the adult child may throw away the entire inheritance on his addictions.
Parents Can Maintain Control with a Trust
A parent can establish a trust to provide for the financial care of a child with substance abuse problems while imposing limits to the conditions under which a child can receive trust assets. A parent can require a child to be employed or to complete a rehabilitation program. A parent can also designate assets to specifically pay for rehabilitation programs or therapy.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you set up a trust and maintain control over your estate assets now and in the future. Call us today at 973-841-5111 to learn more.
Posted in: Estate Planning, New York Estate Planning