Is Equal Fair with Estate Planning?
Most of our clients want to treat their children fairly and equally. Splitting assets equally among the children may be easy, but is it fair? When dividing assets, it is often important to determine the needs of the kids as well as what you have previously provided. This is where it can become difficult.
Some gifts can be considered advancements against an inheritance, but most people do not take the right steps to have them considered an advancement. A trust can be designed to deal with previously gifts or outstanding loans. After all isn’t an outstanding loan really a debt that is now owed in part to the other siblings.