Q: Is there a type of trust after pass to distribute my estate over the lifetime of my children and after to grandchildren?
I'm retired Is there a type of trust (estate, family, exec) that I can put all my real estate holdings, income generated from those properties, dividends received from my company (I still own a % in form of stock and receive quarterly) and various other income generating assets. I would ultimately like a trustee to manage and pay my children quarterly and grandchildren in the future. I do not want them to receive it all at once for various reasons.
A: There are all kinds of Trusts. The most important issue is who the Trustee is, and who will be the Successor Trustees. I do not recommend putting everything into one Trust, which many Estate Planners will do. Real Property can be placed in a Trust, or better, a future interests Deed can control ownership for the next 100 years or so. Practical matters need to be addressed, such as who is going to pay taxes since it is hard to get Remaindermen to pay their shares. Insurance designated beneficiaries is another consideration. By its very nature, some or alot of asset protection will be achieved. Hire a competent attorney for a large fee to listen to your wishes and then draft/execute the proper precise instruments. This forum will not be able to help you.
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