I met with a family from Belle Chasse yesterday to discuss some ideas on how to include their grandkids in their estate planning. The grandparents were adamant that any amounts inherited by those grandchildren would first be used for their education, but not just any education, only for education at a 4-year university program.
To accomplish this goal, we are creating trusts for the grandchildren and placing restrictions on how the money can be used. Each grandchild’s parents will be responsible for managing the funds for the grandkids and may only use funds in the trust to pay for a 4-year university education. Once each grandchild graduates, they can receive whatever remains in their trust. If they don’t graduate by 30, the funds pass on to their children or siblings to be used only for their education.
While these conditions on inheritance may seem strict, the grandparents see it as the best way to ensure a proper education for each grandchild. To explore how you can impose conditions on inheritances for your heirs to ensure that your goals are met, call (504) 274-1980 in the Metairie and New Orleans area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.