Kurt Beasley | Managing Inheritances | Kurt Beasley
When will my children be old enough to properly manage their inheritances? – By Kurt Beasley
The legal age of adulthood and – unless otherwise planned and provided for by the parents – the time at which a child is entitled to receive his or her inheritance is the age set out by state statute. In most states the age is 18 or 19.
Since it is often difficult to know how well a child will manage money at age 18, it may be wise to stretch out an inheritance over a period of years In a revocable living trust, you can provide a trustee with specific directions regarding how and when distributions should be made to your children.
For example, one-third of the inheritance could be distributed to a child at age 21, one-third at 23, and the remainder at age 25. In this way, if the child mishandles the first distribution, he or she has two more chances to learn to manage the money or property responsibly.
About Kurt Beasley
Kurt V Beasley is the founding Partner of Waterford Law Group, PLLC and has been practicing business law and providing management consulting for over 20 years. Kurt Beasley unique approach to the art of law is based deeply in his relationships and commitment to his clients. Kurt Beasley brings previous years of banking and private accounting experience into his caring approach to his profession, which is matched by a commitment to excellence in research, preparation, and issue resolution.
Kurt Beasley has enjoyed a challenging and diverse experience history that has enabled him to obtain deep industry knowledge in the areas of corporate structure, merger & acquisition counsel, corporate and individual litigation, and capital planning. “I feel very fortunate to have started my career as a practicing CPA and banker, because from that early experience I learned the realities of what it takes to run a business…and an understanding of the challenges that business owners face in their everyday efforts.”
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