Page 15 - Hobe Sound Reflections - October '19

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lEGal talk

Trusts For Children For obvious reasons, leaving an inheritance outright Now instead, imagine that this same $1,000,000 was left
to an heir who lacks the ability or maturity to effectively to your child in a trust for your child. Your child would even
By Bruce Abernethy manage assets for his or herself (due to age, life be able to manage this trust for his or herself – thereby giving
One critically important circumstances, etc.) would be inappropriate and the child substantially similar access to their inheritance as if
aspect of a thoughtfully potentially damaging to that heir. However, outright it were left to them outright. In this scenario, the fact that you
designed estate plan is “how” transfers to an heir who does display the maturity to executed a thoughtfully designed estate plan will protect your
assets are passed downstream manage their inheritance on their own can be just as child’s inheritance from being reached by this creditor.
to beneficiaries. Too often in harmful. This exposure to “creditors and predators” for your child
our practice we come across Leaving assets outright to an heir exposes these in this example is not limited to automobile accidents. A failed
estate plans that provide that a inherited assets to the heir’s present and future creditors. marriage or risks associated with a child’s profession are other
child’s inheritance pass to the Imagine a situation where a $1,000,000 inheritance if left examples of situations where an outright inheritance could
child outright immediately outright to a child and the child subsequently became be exposed. This is one of many reasons why contacting an
upon death, or over time involved in an automobile accident where their liability experienced attorney to design an estate plan that fits your
with outright distributions in the accident exceeded their insurance coverage limits. individual needs is so important.
occurring upon the child attaining certain ages (a portion Unless the child took some action on their own accord Bruce Abernethy, Jr. is an attorney and counselor at law,
distributed to the child at age 30, another portion distributed prior to the accident to “protect” this inheritance, this board certified in wills, trusts, and estates. Learn more at
at age 35, etc.). $1,000,000 would be exposed to their creditor. bruceapa.com.

tRivia

I Didn’t Know That ... Bet You flag, features Oregon’s state animal, the beaver, fully Which Jeweler Donated The Hope Diamond To The
Smithsonian Institute In 1958?
stretched on a log.
Didn’t Know It Either Who Became The Youngest First Lady When She The Hope Diamond is one of the most famous jewels
Married A U.S. President At Age 21? in the world. It was purchased by New York gem merchant
Fascinating trivia facts In 1886, in a ceremony held in the Blue Room of Harry Winston, who toured it for a number of years before
compiled by Stanley the White House, President Grover Cleveland married donating it to the National Museum of Natural History, where
Morgenbesser Frances Folsom, the daughter of Cleveland’s late law it has since remained on permanent exhibition. Winston
partner. Fewer than 40 people were present to witness the sent the diamond through the United States mail in a box
Which Is The Only State 49-year-old president exchange vows with Frances, who wrapped in brown paper, insured via registered mail at a cost
Flag That Is Two-Sided? at 21 years of age became the youngest first lady in U.S. of $145.29. Winston donated the diamond with the hope that
The state flag of Oregon history. Mrs. Cleveland, who replaced Cleveland’s sister it would help the United States establish a gem collection.
is the most unique in the Rose Elizabeth as White House hostess, won immediate Which Mammal Has The Longest Pregnancy?
United States of America. popularity for her good looks and unaffected charm. When you’re carrying a baby as big as an elephant, you’re
It is the only flag that is Which Country Has The Most Donuts Shops Per Capita? going to need time to let it grow. African elephants have
two-sided, which means While this deep-fried treat was invented in the United an average gestation period of about 645 days, or around
that both sides of the flag States, our neighbors to the north eat more donuts than 95 weeks. The only other animals that come close are its
have different patterns. The front, or obverse, side of any other country. Canadians love their coffee, and donuts cousin, the Asian elephant (617 days), as well as giraffes
the flag features the official state seal in gold, which is and coffee go hand in hand. Tim Horton’s is the most (approximately 450 days), rhinos (also 450 days), and the
surrounded by 33 stars symbolizing Oregon as the 33rd popular donut shop in Canada, with over 2,500 locations sperm whale (480 to 590 days). These large animals have
state to join the Union. The back, or reverse, side of the selling over three million donuts a day. an appropriately long pregnancy.

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