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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55594
Experience:  29 years of experience practicing law, including tax and estate planning.
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My estate is worth $1M with approximately $500K in IRA

Customer Question

My estate is worth $1M with approximately $500K in IRA funds. I would like to protect one of my two beneficiaries who are my two adult children from being able to gamble away their inheritance when I die. I have a living trust and would like to make changes to it to accomplish this. The other beneficiary is the executor but I do not want to burden them with their gambling sibling. I just want the trust to specify how the protection will work for the beneficiary with a serious gambling problem.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi Nancy. My name is ***** ***** I look forward to helping you. ! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 year ago.

You can easily do this by an amendment. Each beneficiary can be treated differently. You do not need to re-do your entire trust agreement. Rather, you can make this change by doing an Amendment. In the Amendment, you can reference your original trust agreement, state that other than the changes in the Amendment all terms and provisions of the original trust remain in full force and effect, and then specify which provisions of the original trust are being changed. You want to have the Amendment signed, witnessed, and notarized in the same format as the original trust. Then, make sure you keep the Amendment with the original trust so whoever gets your trust at your death will know the Amendment exists. You can do this yourself or you can seek the guidance of a lawyer, but you are not obligated to engage a lawyer to do this for you.

In the trust, with regard to your gambling son's share, you will want to state that it is to be held in trust for him rather than being distributed. Distributions shall be made by the trustee to provide for his health, support, maintenance and education, taking into consideration her age, education and station in life, but not otherwise.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Expert:  Richard replied 1 year ago.

I just wanted to let you know that I will be away at lunch for the next hour or so. Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.