The Wall Street Journal Interviews Manatt Partner on Inheritance Planning
“When Your Child’s a Spendthrift”The Wall Street Journal
September 19, 2011 – The Wall Street Journal interviewed Manatt’s Jill S. Dodd, a partner in the firm’s Family Wealth Transfer Planning & Trust and Estate Administration Practice Group and its Nonprofit Practice Group, on how wealthy parents can effectively develop inheritance plans for children who are overspenders.
The article provides tips for wealthy parents who want to prepare an inheritance plan for a child they know is a reckless spender. Creating an investment firm, picking the right trustees, and thinking about trust rules are advised.
Dodd’s tip is to consider making the spendthrift child a co-trustee as well, a role that could serve as a kind of apprenticeship.
Read the article here.
© 2013 Manatt, Phelps & Phillips, LLP. All rights reserved.