Ask Terry Questions Protecting your married adult children

Protecting your married adult children

By Terry Savage on March 29, 2024 | Financial Planning / Retirement

My daughters husband has shown over the years to want the best of everything and usually overules what my daughter wants in all aspects of their lives. She is a medical doctor . He works but changes jobs frequently. Other than a trust with her older brother as executor in which our monies are given out to her in percentages over a period of time is their anything else we can do to make sure our daughter and granddaughter receives our monies.

Terry Says

This is a tough one. It’s called “the hand from the grave!” You need an estate planning attorney to help you restrict any bequests after you die. If she commingles her portin of your estate (which her husband sounds like he will request) it will become marital property — and partially his, depending on state law, if she wakes up and decides to divorce him. So, yes, that’s critical — to keep this estate out of her hands and separate.

If your granddaughter is still in high school, you could open a 529 CollegeSavings Plan, with yourselves as trustee. This money will grow tax-fee for college expenses. And if she doesn’t use the money, she can roll it into a Roth IRA for her own retirement once she starts working.

Sounds like this could be a good excuse for you to drag your daughter into some counseling, bu saying you want to discuss YOUR future finances.

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