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nc nd | If you are worried about providing for your children, you could have a testamentary trust set up in your will that will be funded upon your death. This trust would provide for your children until their ages that you predetermine. This type of trust is irrevocable upon your death. Another type of trust people sometimes consider would be a "QTIP trust". In this trust your property is put in a trust for benefit of your wife and children, then children get property after wife's death. This type of trust is used to protect property from a situation where the suviving spouse remarries and the new spouse might have influence over how her property (formerly your property) is used or transferred. This guarantees that "your" children will receive the assets in the future.
An irrevocable life insurance trust (ILIT) -- trust owns the insurance policy -- is used to remove the insurance proceeds from your estate and to pay potential estate taxes.
Either way, your should consult a competent estate/trust attorney or financial advisor to discuss your objectives and how to structure your estate plan.
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Inheritance on farmland..when to set up a trust?
