When your children were young, you gave them an allowance. It taught them to be responsible about money and not spend more than they made. Many elderly people fear that when they get old, their children will reverse the tables and put their parents on an allowance. For this reason, many seniors are afraid to make an estate plan as they think it means giving up control over their finances. However, you can make an estate plan and retain control of your finances.
At its core, an estate plan is just a way to decide what happens to your assets after you pass away. As a part of that, assets are often transferred during your life to make it easier to handle when you are gone. However, you can accomplish your estate planning goals without giving up control of your assets during your lifetime. All you need is a proper estate plan from an experienced estate planning attorney. You do not need to transfer assets to your children now and hope they give you an allowance. Transfer them to a Trust that you control during your life and let your children have the remainder and control later. Talk to an attorney about other ways to keep control of your assets.
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