Page 15 - Senior Times South Central Michigan - June 2018 - 25-06
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QUESTION: What are the options that grandparents have if they see that their grandchildren need to have some help with living a normal life? If you have health concerns, guidance con- cerns, housing concerns, etc.
ANSWER: First of all, I am not a family law attorney. If you are looking for a way to help your minor grandchil- dren during your lifetime, then I would advise you to contact a family law attorney to see if you have any rights. However, I can give you some help from an estate planning perspective.
If you have grandchildren that you want to help after you pass away, then one great way to do that is to set up a trust. One advantage of a trust is that you can control what happens to your money, and other assets, after you pass away. If you are concerned that your grandchild may need help with living expenses, college expenses, medical expenses, etc., you can put a provision in your trust that a portion of their share can be used for those purposes. However, the remainder of their share is held in trust until they reach a certain age. For instance: One-third of their share at 25, one-third at 30, and the remainder at 35. That way, they do not
get their entire share in a lump sum when they turn 18. Because you have control over what happens to their share after you pass away, you can put in the trust that they can use their share for purchasing a home, starting a business, or even a trip to Europe!
You may be thinking, “I don’t have that much money to leave to my grand- children.” Well, one of the great ways to put money in the trust for them is to take out a life insurance policy and name your trust as the beneficiary. Then when you pass away, the life insurance will pay out to the trust and your grandchil- dren are off to Europe!
Michael B. Walling is an Elder Law attorney with a Master of Laws degree. He manages The Elder Law Center and the law firm of Michael B. Walling, PLC. Mr. Walling is also a part-time Professor at Western Michigan University. Please send any questions you would like addressed to: The Elder Law Center, 4625 Beckley Road, Building 400, Suite 4003, Battle Creek, Michigan 49015. You may also call (269) 968-1101 to set up a free initial consultation. This col- umn is intended for general information purposes only and should not be con- sidered as legal advice to any particular person.
Ask The
Senior Times - June 2018
Page 15
Helping Seniors Preserve Their Lives
Asset Protection Planning for Persons in a Nursing Home or Entering a Nursing Home Powers of Attorney • Wills • Trusts • Probate
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