I there a way one can ensure that the future payments that are supposed to come from a trust fund cannot be sold by the kid?......"It's my money and I want it NOW!" We've all seen the commercials.

Trusts can be pretty bulletproof.

Osky

A good friend just went though something similar. His friend passed and left millions to his loser son. Within 6 months his son drank himself to death and didn't have a will so the state got it all.

1 Timothy 6:10 King James Version (KJV)

10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.


Full quote, it's the love of money that is evil not money itself.

Wouldn't it be interesting to know the amount the state and federal tax systems steal from the people who pass each year? If battling to protect what you have worked for all your life isn't enough while living, the vultures are there to pounce particularly on those who's estates were caught unaware.

Osky

There are a lot of good charities out there. I do some work for one which really helps people get free from the chains of addiciton.

Surely he has some compassion for some of them that he could leave some money to. I would sit down with him and see what kinds of things pull at his heart strings and help him put some of them in his will. He could also put some stipulations on how his son gets the money, to help make sure it doesn't further ruin his son's life.

Tough situation but I applaud you for being concerned about him and his son.

FYI, here's a little video about the organization I work for. https://www.facebook.com/mnfishingchallenge/videos/1105429696300481/

Money is neither good or evil. Large sums of money just make people more of what they already are. If you’re selfish it makes you more selfish. If you’re generous it’ll make you more generous.

Its real hard and touchy. My dad passed (divorced) and wanted to leave the paid off house to us 3 kids but as you know never got around to it. So his worthless new wife and her more worthless
daughter got everything. Now his wife is passed and her daughter is living in dads newer, mortgage free house. Now that moms widowed we are trying to get her to get her will the way she wants
it and leave her ex's kids out if she so chooses. But you can't keep pushing its got to be their choice but you hate for them to pass and not have it how they want it.

If he wants his kid to have it all you can do (and do it) is state your mind?

It would be easy for him to leave his son the money but it sounds like he's been doing the easy thing for 35 to 40 years. . now is the time to do the hard thing GIVE HIM NOTHING.

I think if he wants to give it to his kid, that his choice. Your option is the best solution.

Great suggestion.

Original Greek is:
A root of all kinds of evil is the love of money.

Not all evil is caused by rhe love of money as the KJV might imply.

I know that may sound a little nitpicky, but it is a significant difference.

He should talk to his attorney - he is going to know what his options are better than any of us. I have been tasked with being an executor a couple times and I am it for my mom's estate now so I'll throw out a couple of things I learned.

If he isn't specific in his will when it goes to probate the court will decide how the estate is divided and usually that ends up being divided equally to his children after any other outstanding expenses are deducted from the estate. Many states do not recognize step children as rightful heirs so if something is to be left to a step child it's good practice to spell it out in the will. Cash assets can be handled outside of the estate simply by having POD (payable on death) signature cards on file with the bank which allows that person to withdraw the money with a certified death certificate - this step keeps cash out of probate court. This works for safe deposit box contents as well.

The best thing he can do is go to his attorney and ask what his options are but at the end of the day it's his stuff and he decides where it goes. If he thinks he has no other options than leave it all to his son the attorney can get into trusts, life estates,etc.with him. Also be aware that whatever we tell you on here laws often vary from state to state on some of these things.

Do yourselves and your loved ones a favor - plan ahead.

You love your kids, even when they are screwed up.

I too would do a trust. Kid will blow the money in the first couple of years otherwise. It's pretty safe to pull 4% out of a trust and not lose any principal if it's invested properly. If your buddy has $2M, the kid can get $80K per year for the rest of his life. That's a lot of meth.

But, it's really not your business. As a friend, you can always offer advise if you think it will help but, as a friend, let him decide what to do with his money.

I don't like too meddle in other people's financial stuff.
He sounds set on giving it to his son so I believe I'll just keep my mouth shut.
Just kinda irritates me when it could go to somebody in need ( or several)

Good plan. In the end, money is nothing. Heck, money is nothing before the end. Family is all anyone, really, has. I have seen way to many folks try to do "what's right" and the reality is, there are no winners. Let your friend make the decision and support him. As if it isn't tough enough to die with some amount of dignity.

Stay out of it.
Stay Out of it..
Stay Out Of it...
Stay Out Of It....
STAY OUT OF IT!!!!!!!

IT IS NONE OF YOUR BUSINESS

So you're saying I should stay out of it?

He can set it up as an "allowance", so much a month and NO MORE. Of course the lawyer/accountant will take a bite,l bu that seems reasonable under those circumstances.

I would look deep and hard into a trust. From my understanding, Minnesota's trust's have changed somewhat in the last few years and not for the best.