Preserving Your Legacy

Preserving Your Legacy

As an estate planning attorney, one of the questions I get the most is how can I be sure that my kids aren’t going to just waste my money away once I’m gone?

Most are concerned that there is nothing they can do, and their adult children are just going to spend their inheritance away without a care for what their parents would have wanted. And we also get many clients that think their family members should be just fine on their own, but want to save their kids some of the financial burden of dealing with their affairs when they are gone. The solution for both of these clients is an easy one: get a living trust.

Establishing a living trust is the easiest and most effective way of ensuring your family is protected from the costs involved with the probate process. There are, however, many other functions of a trust aside from just saving your family money by avoiding probate. Creating a living trust is a way to best protect blended families from arguing over assets in the parents’ estate, to make sure certain family members are not included as beneficiaries of your estate if they are not wanted, and it is a very effective way to obtain “control from the grave” over your assets.

We are constantly asked by our clients how they can be sure that the assets they have worked so hard to obtain their whole life do not get wasted away by their heirs. Many of our clients did not inherit their estate, and instead worked their whole lives to earn what they currently have. For many of those clients, they become fearful of the possibility that as soon as they pass away, their children are not going to be responsible with their inheritance. The biggest fear we hear of most often is that children might waste away the assets instead of preserving them for future generations. We console their fears by explaining that there is a way of obtaining some control over their assets from the grave, by structuring their trust to limit how their assets are spent over the span of their children’s lives.

How can I be sure that my kids aren’t going to just waste my money away once I’m gone?

A popular option for many of our clients who have concerns over preserving their estate even after they are gone is to give their children a life estate in the assets. By giving their children a life estate, the assets of the parents are held in trust for their children’s entire life, with the trustee having the power and authority to pay for things on behalf of the children as well as distribute any income received by the children’s trust. Many of our clients are also deciding to put a professional fiduciary in charge of these trusts to be sure that all of their children are treated equally and the assets are being properly spent for the best interest of their children. Utilizing this option in a living trust allows for the parents to adequately provide for their children during their entire lives, while still giving the best option for preserving their estate for future generations.

Living trusts are very versatile. There is almost always a way for us to customize the structure of a trust in order to accomplish each of our clients’ specific goals. We are able to help our clients preserve their legacy and take comfort in the fact that their family is going to be protected as best as possible because they have a proper plan in place should tragedy strike.

Genene Dunn

Genene Dunn is an attorney at the Law Offices of Donald A. Hunsberger. Hunsberger Law is a full-service estate and business planning legal firm, with estate planning attorneys and a licensed, professional fiduciary on staff. Connect with Don Hunsberger by calling (714) 663-8000 or visiting www.hunsbergerlaw.com

Latest News

Sorbet Magazine Celebrates Its September Issue!

Business Showcase Sorbet Mag

Sorbet Magazine Celebrates  Its September Issue!

It’s impossible to say what we love most about our issue release parties, especially the most recent one at V...

The Escher String Quartet Opens Segerstrom Center’s 2018-2019 Chamber Music Series

Entertainment Sorbet Mag

The Escher  String Quartet  Opens  Segerstrom Center’s 2018-2019  Chamber Music Series

Thursday, November 1, 2018 in Samueli Theater Segerstrom Center for the Arts launches its 2018-2019 Chamber Se...

Segerstrom Center Kicks Off Its 2018-2019 Jazz Season With Jazz Master Ahmad Jamal

Entertainment Sorbet Mag

Segerstrom Center Kicks Off Its  2018-2019  Jazz Season  With Jazz Master Ahmad Jamal

Segerstrom Center for the Arts presents Grammy® Award Lifetime Achievement Award Winner Ahmad Jamal for one pe...

Beyond the Books Nadia Milner delivers "Top Notch Services"

Entertainment Jody Robinson

Beyond the Books  Nadia Milner delivers "Top Notch Services"

I remember when one of my college friends was appointed Payroll Specialist for a large company in Pasadena. Whe...

Ready for Open Enrollment?

Health & Wellness Sorbet Mag

Ready for  Open Enrollment?

In a few weeks, you’ll be making important choices about next year’s health plan. As you consider your opti...

Making Educated Choices for Your Loved One’s Care

Education Jody Robinson

Making Educated Choices for Your Loved One’s Care

A Q & A with Derek Mannion, founder of Alliance Eldercare You think it might be time to consider options f...

Lea Michele and Darren Criss Continue LM/DC Tour With North American West Coast Dates

Entertainment Sorbet Mag

Lea Michele  and  Darren Criss  Continue LM/DC Tour With North American West Coast Dates

November 2, 2018  in Segerstrom Hall Following the demand of fans and rave reviews, actors and musicians ...

Drug Free, Surgery Free & Needle Free: A New, Proven Treatment to Reverse Erectile Dysfunction

Health & Wellness Jody Robinson

Drug Free, Surgery Free & Needle Free:  A New, Proven Treatment to Reverse Erectile Dysfunction

A Q & A with Dr. Michael DeYoung, M.D., LaSara Medical Group Men with erectile dysfunction (ED) often suff...

Pilates and Yoga for the Neck

Health & Wellness Align Pilates Team

Pilates and Yoga for the Neck

There is no shortage of reasons why people suffer from neck pain, but primarily, the root cause is due to impro...

How Can I Tell If I Have Skin Cancer?

Health & Wellness Kristy Fleming, MD

How Can I  Tell If I Have  Skin Cancer?

People of all ages get skin cancer. Checking your skin can help you find skin cancer early when it’s highly t...

Broadway’s Smash Hit Beautiful The Carole King Musical returns to Segerstrom Center for the A…

Entertainment Sorbet Mag

Broadway’s Smash Hit Beautiful   The Carole King Musical   returns to  Segerstrom Center for the Arts

October 9 - 14, 2018 Back by popular demand, Beautiful – The Carole King Musical returns to Segerstrom Cente...

The Art of Craft @ The Brewhouse in San Juan Capistrano

Business Showcase Jody Robinson

The Art of Craft @ The Brewhouse in San Juan Capistrano

Let’s play a quick game: I’ll say a word and you write down the first thing that comes to mind. Ready? Beer...

Thinking Inside the MedBox. The New Standard in Medication Management Offers a Better Way to Dispens…

Health & Wellness Jody Robinson

Thinking Inside the MedBox. The New Standard in Medication Management Offers a Better Way to Dispense Prescriptions

In a recent conversation with my mother, I discovered something. Something that was a cause for pause as I pond...

Upcoming Events at Segerstrom Center for the Arts

Entertainment Sorbet Mag

Upcoming Events  at Segerstrom Center for the Arts

The Australian Pink Floyd Show September 6, 2018 Segerstrom Hall The 2018 Australian Pink Floyd Show Tour is ...

Segerstrom Center for the Arts Announces 2018 – 2019 Jazz Series

Entertainment Sorbet Mag

Segerstrom Center for the Arts Announces  2018 – 2019  Jazz Series

Ahmad Jamal Quartet and Shahin Novrasli Kenny Barron Quintet • Kurt Elling Christmas Branford Marsalis Quarte...

Compassionate Caregiving: Your Home Care, Inc.

Health & Wellness Jody Robinson

Compassionate Caregiving:  Your Home Care, Inc.

In-Home Care and the New! Senior Social Club & Stay Care Center in Laguna Woods Village Over the past deca...

RODAN + FIELDS: Changing Skin. Changing Lives.

Health & Wellness Jody Robinson

RODAN + FIELDS:  Changing Skin.  Changing Lives.

Friends are good for a great many things. Laughing with you, getting out of tight spots every once in a while, ...

Get Your Game Together with No Bogeys Golf

Entertainment Ann Laurence

Get Your Game Together with No Bogeys Golf

Everyone knows that you’re not supposed to pick favorites when it comes to family. But let’s be honest, we ...

Medicare: A + B = ? Where does D come in?

Insurance Denice Merrill

Medicare: A + B = ?   Where does D come in?

I’m getting so much information in the mail! What do I need to keep? I am the presenter at the Mission Hospi...

Johnny Mathis “The Voice of Christmas” Returns to Segerstrom Center for the Arts With a Speci…

Entertainment Sorbet Mag

Johnny Mathis  “The Voice of Christmas” Returns to  Segerstrom Center for the Arts  With a Special Holiday Concert

The legendary and undisputed “Voice of Christmas,” Johnny Mathis will brighten the holiday season when he r...