Use of Lifetime Continuing Trusts for Children
By Joseph L. Najmy, Esq. - Najmy Thompson, P.L.
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Most clients with whom I meet with are well acquainted with the general benefits that a Revocable Trust can offer, including (i) providing a legal vehicle to avoid subjecting one's assets to a court guardianship proceeding should an incapacity event (illness, accident, etc.) occur, and (ii) avoiding the probate process, in the event of death.
However, clients are almost always very surprised and extremely interested in the provisions that can be inserted in one's Trust Agreement for the benefit of the client's children after he or she dies. All too often, Trust Agreements contain provisions which mandate that at the trust creator's death, assets in the trust are required to be distributed outright to his or her children, either all at once (when the trust creator dies) or in installments, at stated ages, such as one-third at age 25, one-half at age 30 and all at age 35.
In almost all cases, those mandatory outright trust distribution provisions should be replaced by provisions which create at the trust creator's death, continuing lifetime trust funds for the benefit of the trust creator's children. Such alternate approach will protect the inheritance that is left to the child from creditor claim risks that are all too often present in life, such as divorce events, lawsuits from car accidents, bad business deals, etc. - - without necessarily limiting the child's access to the trust assets during his or her continuing lifetime and without limiting how the child invests his or her inheritance under the umbrella of the trust.
In addition to the creditor protection benefits described above, continuing lifetime trusts for children and other heirs can also provide protection from estate taxes on both a federal and state level and should not be overlooked when working with your estate planner.
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For any of your legal needs, consider contacting one of the many member attorneys of the Alliance. The following are listed in the Attorneys category in our Member Directory.
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Aberdeen Advisors, Inc Melissa Loveton 5202 20th Ave West Bradenton, FL 34209 941-914-6722 Website
Affordable Attorney Gerling Law Group Dana Laganella Gerling 6148 State Road 70 East Bradenton, FL 34203 941-756-6600 Website
Ann S. Johnson, Esquire Ann S. Johnson 4940 Lakewood Ranch Blvd N, Ste 120 Lakewood Ranch, FL 34240 941-361-1106 Website
Barnes Walker, Goethe, Hoonhout, Perron & Shea PLLC Robert Hoonhout 2639 Fruitville Road Suite 102 Sarasota, FL 34237 941-827-2222 Website
Becker & Poliakoff Greg Steube 6230 University Parkway, Suite 204 Sarasota,, FL 34240 941-341-3117 Website
Berlin Patten Ebling, PLLC Jacqueline Mazur 8130 Lakewood Main Street Suite 206 Lakewood Ranch, FL 34236 941-954-9991 Website
Betras, Kopp & Harshman, LLC Michael Harshman 6320 Venture Drive, Ste 104 Lakewood Ranch, FL 34202 941-735-9015 Website
David H. Rosenberg, P.L. David Rosenberg, Esq. 1626 Ringling Blvd. Suite 500 Sarasota, FL 34236 941-361-1153 Website
Dunlap & Moran, P.A. Ryan Featherstone 6111 Exchange Way Lakewood Ranch, FL 34202 941-366-0115 Website
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Esposito Law Group, P.A. Janelle Esposito P. O. Box 9266 Bradenton, FL 34206 941-251-0000 Website
Icard Merrill Alyssa Nohren 8470 Enterprise Circle Suite 201 Bradenton, FL 34202 941-907-0006 Website
Law Offices of Barak & Goldberg, PA Christina Goldberg 7305 Merchant Court Lakewood Ranch, FL 34240 9415850286 Website
Leech Tishman Ted Tishman 525 William Penn Place, 28th Floor Pittsburgh, PA 15219 412-261-1600 Website
Luhrsen Law Group Jeffrey Luhrsen 7241 Delainey Court Lakewood Ranch, FL 34240 941-960-0652 Website
Marc J. Soss, Esquire Marc Soss P.O. Box 110127 Lakewood Ranch, FL 34211 941-928-0310 Website
Najmy Thompson, P.L. Joseph Najmy 6320 Venture Drive Suite 104 Lakewood Ranch, FL 34202 941-907-3999 Website
Norton, Hammersley, Lopez & Skokos, P.A. Darren Inverso 1819 Main Street Ste. 610 Sarasota, FL 34236 941-954-4691 Website
Persson & Cohen, P.A. Andrew Cohen 6853 Energy Court Lakewood Ranch, FL 34240 941-306-4730 Website
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Sadge Mediation Services James Sadrianna P O Box 110582 Lakewood Ranch, FL 34211 407-810-8595 Website
Scott Rieth Law D. Scott Rieth 9040 Town Center Parkway Lakewood Ranch, Fl 34202 941-782-1200 Website
Shumaker, Loop & Kendrick, LLP Todd Rains 240 South Pineapple Ave, 10th Floor Sarasota, FL 34236 941-366-6660 Website
Taft Stettinius & Hollister Peter Nealis 6488 Indigo Bunting Place Lakewood Ranch, FL 34202 216-241-2838 Website
The Krouse Law Firm Mitchel Krouse 9040 Town Center Parkway Lakewood Ranch, FL 34202 941-306-3672 Website
The Law Place Rebecca Cioci Ambriati 2445 Fruitville Road Sarasota, FL 34237 941-444-4444 Website
Williams Parker Harrison Dietz & Getzen Christa Folkers 200 South Orange Avenue Sarasota, FL 34236 941-552-5554 Website
Wills, Trusts, Probate & Elder Law Firm, PLLC Gregory Kaiser 6151 Lake Osprey Drive, Suite 300 Sarasota, FL 34240 941-914-9145 Website
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For a complete and up-to-date list of all Alliance members, visit
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