“Thought for the Day” #695 – by Stephen R. Elville, J.D., LL.M.

March 31, 2016

Leaving the shares of beneficiaries (children, grandchildren, nieces, nephews, and others) in trust means that the property will be held in a controlled environment for the benefit of the beneficiary. Where properly structured, this arrangement can provide protection, management, and oversight for the beneficiary in anticipation of current or future events affecting the life of the beneficiary such as divorce, claims of the beneficiary’s creditors, law suits such as those stemming from automobile accidents, or for the general or special needs of the beneficiary, oftentimes relating to spendthrift, behavioral, or disability issues, or sometimes simply for the beneficiary’s “convenience” protection.