Book offers tips to protect your estate for your children

Book offers tips to protect your estate for your children
News from Palm Beach Daily News:

By GAIL LIBERMAN

Special to the Daily News

Chances are you’d like your children to ultimately wind up with your assets when you die.

But often these intentions get thwarted. One cause is a simple-but-common mistake: Naming a minor to inherit your estate or to be your insurance beneficiary.

Such an error often has triggered court intervention, leading to the erosion of fortunes by custodial fees, legal fees and investment mismanagement. That’s not to mention all the administrative headaches and unwanted publicity.

It’s important that you avert this and other problems through a type of trust instrument, suggests the book Protect and Enhance Your Estate (McGraw-Hill) by estate planning attorneys Robert A. Esperti, Renno L. Peterson and David K. Cahoone. With a trust, you can set up different arrangements for each child, as needed. But you must do this very carefully and specifically.

Leave property to a young adult in one shot, for example, and it could be quickly lost through poor in…………… continues on Palm Beach Daily News

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