It's a well known fact that children under the age of 18 can't own assets.  They can't open a bank account or buy stocks in their name.  However, it is not uncommon for parents, grandparents, or other family members to give money or assets to a child.  In most cases, these gifts are held in custodial (UTMA or UGMA) accounts.  These accounts can be dangerous since any assets in a custodial account automatically transfer to the child when they reach the age of majority (18 or 21).  If that child is in financial trouble or has substance abuse then your good intentions could actually hurt that child.  The solution is to work with one of our attorneys to prepare a 2503(c) minor's trust for each child.  The trust can be structured to hold assets until the child is well into adulthood.  The minor's trust can be used for estate tax purposes as a way to reduce the parent's or grandparent's taxable estate or can be named as a beneficiary of either life insurance or retirement plans.  Overall, the minor's trust is vastly superior to custodial.  At AvoidProbate, we believe this valuable estate planning tool is greatly underused mainly because of the cost that most attorneys charge for them.  That is why we offer them at a low-flat fee so that they can used in a variety of situations.

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1550 Spring Road, Suite 120
Oak Brook, IL 60523

Tel: (708) 497-6294

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