If you do not create a plan, there is one created for you by the government, and under that plan a child receives everything at eighteen. Sometimes that is twenty thousand dollars. Sometimes, with life insurance, savings, and real estate, it is millions. A blessing and an obligation, delivered at once to an eighteen-year-old. You have heard how those stories end. Create your own plan and you decide the terms instead.
What I Said
From my September 10 Parents Edition workshop at the Cambria Hotel in Calabasas, lightly edited for readability.
And when time comes for children to inherit, you will decide on what terms they will inherit. Because, as we'll discover further, if you don't create the plan, there is a plan created by the government. It means that at the age of 18, majority, adults can receive everything that you've built during your lifetime. And sometimes it can be $20,000, but it could be millions of dollars.
If you have life insurance, if you have savings, you have real estate, they can be hit with the blessing and at the same time the responsibility and obligation of that inheritance. And most likely you heard stories of how it ends up, quickly gets ruined and spent out for various, you know, Las Vegas trips or Corvettes, et cetera.
And if you create your own plan, that means you don't have to think about it.
The full talk, written down: Who Picks Up Your Child From School if You Never Come Home?
More on this topic: Living Trusts
More From the Workshop
- Your Child Sleeps in Their Own Bed. Goes to Their Own School.
- Hours, Days, or the Next 15 Years
- A Wednesday Afternoon, Two Children, and Six Months in the System
Book a free consultation, or call (818) 788-7881.
Attorney advertising. This content is general information, not legal advice.