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Hooper Law Office,LLC Estate Planning Blog

Monday, August 4, 2014

The guy at the barber shop said one of his customers gave all his assets to his kids; should I do the same thing?

It is amazing how much legal advice is dispensed in barber shops and beauty parlors.  What is not as amazing is how much of that advice is just plain wrong.  More than any other type of estate planning, a good long term care plan must be tailored to the individual family and the family's assets.  One size does not fit all.  It is true that sometimes it will work to have your assets controlled by your children, but this is a small minority of the time.  Unfortunately, most of the time the barber's advice is tragically wrong.

The key to proper estate planning is to keep as much control over your life and  your assets as possible.  Giving your assets to your children does not achieve that goal.  Not only are the assets out of your control, but they are also subject to all of your children's creditors, the stability of their marriages, their own health concerns, and their financial difficulties.  Good long term care planning protects your assets, whereas giving assets to your children subjects the assets to additional risk.  Assets should only be divested as part of a carefully crafted plan developed with the assistance of a qualified professional advisor.  A carefully designed custom plan will allow you to keep the greatest degree of control.


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