Leaving Property to Your Children
Once your child reaches a certain age (21 in Kansas, Missouri, and Nebraska), custodianship ends and the remaining property is distributed to the child. This is a great, inexpensive option for parents with young children. For parents with older children or for those who desire to leave funds in a trust for their children over a longer period of time, a trust may be a better choice. TRUSTS Trusts often come with greater flexibility. Setting up a trust for your children is similar to setting up a UTMA custodianship. Your will or living trust designates a trustee (a person or entity) to manage and distribute property you wish to leave to your minor children. The trustee has a fiduciary obligation to follow the specific instructions in your will or living trust. Trusts are highly customizable. You can designate the expenses covered by the trust (health, education, support, etc.), at what age your children will inherit the property
outright, when distributions should be withheld from the beneficiary (such as
draft a will or living trust,
in the event of alcohol or drug dependence),
and as your family grows, you may decide to add your minor children as beneficiaries. The problem is that children under the age of 18 cannot
requirements for educational distributions (such as maintaining a certain grade-point average).
Should you establish a trust, you have two primary options: a family pot trust or separate trusts for each child. A family pot trust can benefit all your living children and generally stays active until the youngest child reaches a certain age. While active, the trustee is granted specific authority to allocate trust funds to any one beneficiary that the trustee deems appropriate. In separate trusts, you can tailor each trust share based on a child’s individual needs. Some children may require more than others. It also allows you to divide and distribute your property equally among your children.
legally inherit property. However, there are avenues you can pursue to ensure that your children have access to certain assets.
UNIFORM TRANSFER TO MINOR ACT (UTMA)
Under UTMA, you designate a custodian (a person or corporation) in your will or living trust to manage property intended for your minor children. The custodian has discretion to manage and distribute the property for your child’s benefit.
Laugh Out Loud
CHRISTMAS STAR COOKIES
2½ cups blanched almond flour (not almond meal)
• • • •
1 teaspoon ground cinnamon ¼ cup coconut oil, melted
½ teaspoon Celtic sea salt ¼ teaspoon baking soda
5 tablespoons agave nectar or honey
1 tablespoon vanilla extract
1. In a large bowl, combine almond flour, salt, baking soda, and cinnamon. 2. In a small bowl, mix coconut oil, agave, and vanilla. 3. Mix wet ingredients into dry. 4. Roll out dough between 2 pieces of parchment paper until ¼ inch thick. 5. Refrigerate for 1 hour. 6. Remove top piece of parchment paper and dust dough with almond flour. 7. Cut out cookies with a small star cutter. 8. Using a metal spatula, place stars on a parchment-lined baking sheet. 9. Bake at 350 F until edges are lightly browned, 5–8 minutes.
Recipe inspired by elanaspantry.com/star-cookies.)www.kcestateworks.com
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