Miami, Fla. – Carlton Fields Miami Of Counsel, Jerry Hesch, was quoted in The New York Times’ Wealth Matters column, “Using an Inheritance to Teach Your Problem Child a Lesson,” published September 2, 2011. The article offers advice to affluent parents who want to gift money to their “problem children.”
“Everyone today is worried about their children even though their children are wonderful right now,” said Hesch. “They worry, ‘My child is going to marry someone who is going to take him for a loop. Or what happens if my child is in an auto accident and someone sues him?’”
The article offers advice to affluent parents so that they can better plan for gifting their children should they become problematic or a problematic issue arises. Restricting access and influencing behavior are some strategies mentioned. Hesch also advocated for an easier way to gift: using an independent trustee. “Why the trust ends up costing a lot of money is the parents aren’t willing to give the trustee sole responsibility on what to do. If the independent trustee doesn’t do what you tell him to do, remove him.”
Wealth Matters is a weekly column published in the Your Money section of nytimes.com. The column focuses on strategies that the wealthy use to manage their money.