Reply to If you and your spouse died tomorrow how much would each child inherit?

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[quote=Anonymous][quote=Anonymous]The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early.  I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.

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Our original trusts for our minor children had relatives and a banker as trustees and our kids would get the money at age 30. At 18+ they could access $ with the approval of the trustee for education, medical care and whatever the trustees thought was reasonable. Pre-18 their guardians could access the trusts via the trustees for child support. Now that they are 30 our updated trusts are such that they would get a full distribution only after the surviving spouse dies. I am the trustee of my spouses trust and vice versa. We can authorize distributions to our kids at our discretion but we haven't because they haven't needed it and fairness is critical. We are currently working to move more of our assets into the trusts to take advantage of the new tax bill which raised the amount you can transfer estate tax fee. [/quote]

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