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Some grandparents assist their grandchildren with education and medical expenses. A grandchildren trust is used by single or married grandparents who have minor grandchildren. Grandchildren trusts typically result in saving 50% of the estate and certain gifts may be exempt from the federal gift tax.
With grandchildren trusts, a trustee must be careful of when to release all the shares of trust to their grandchildren. When the grandchildren are no longer considered minors, a trustee can release the shares of trust to them, but it can be complicated. Some grandchildren are not capable of managing assets at the age of 18 and could risk losing substantial assets.
Passing wealth down to future generations takes careful consideration. A Living Turst Lawyer can help make sure you are making the right estate planning choices. An estate planning lawyer can help you create a grandchildren trust that can keep your assets out of probate and minimize tax burdens.
If you or someone you know needs to set up a grandchildren trust, contact Attorney Search Network. We can help you find an experienced estate planning lawyer that can assist you in securing the finances of your grandchildren.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your Wills and Estate Planning lawyer referral.