By Phillip B. Rarick, Weston Estate Planning Attorney
Irrevocable minors trusts should always be an important tool in the Family Law Attorneys bag of tools because a well designed trust can address multiple issues that cannot be fully resolved through a Marital Settlement Agreement. It may be a good idea to brainstorm possible trust solutions with an experienced estate planning attorney at the commencement of the case. Here are three examples:
Problem #1: Wife, Husband (or both) are Poor Money Managers. Example: Husband and wife have minor children, ages 8 and 10. Wife is big shopper and bad money manager. Your client is the Husband. He is concerned that if child support payments go directly to wife she will use some of the funds to buy expensive clothing and keep up her lavish life style – to the detriment of the children. Both parents agree that they want to ensure that the children go to a private high school and a prestigious college or university after high school.