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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Nov 1 12

    The Inheritance Blues – Lessons Newport Beach Families Can Learn From The Whitney Houston Estate

    Newport Beach Law Firm

    The chief risk is always that the money will
    impact a kids’ motivation and self-reliance. “Ideally one would set aside
    enough funds to allow our family members to do anything they could do, but not
    so much that they could do nothing.”

    You give an inheritance to your
    younger loved ones and future generations to bless them and not to curse them.
    Once again, our object lesson is another celebrity estate. This time the
    decedent is Whitney Houston.

    The inheritance left by Whitney
    Houston is chronicled by CNBC in an
    article titled “When $20 Million Is Too Much to Leave the Kids.” Without delving too much into the
    case, the passing of Whitney Houston has set her 19-year-old daughter, Bobbi
    Kristina Brown, up to receive a staggering $20 million. Recently, Houston’s
    mother and manager, who are the executors of the Houston estate, have filed a
    petition to restrict the inheritance payments on the basis that these were
    simply too large. According to the petition, such inheritance payments would
    make Bobbi too easy a target for predators, or worse, enable Bobbi to devolve
    into a bad lifestyle. Taking the petition at face value, this consequence would
    not have been Whitney’s intention.

    Regardless of Whitney’s
    intention, the article recommends an excellent alternative that she could have
    employed to protect the inheritance from Bobbi and Bobbi from the inheritance.
    This alternative is called a “discretionary trust.” The article also provides
    some practical pointers, like teaching your children financial responsibility
    at an early age and reviewing (and revising) your estate plan from time to
    time.

    Contact your Newport Beach estate planning attorneys at Meier
    Law Firm to discuss all of your estate planning needs
    .

    Reference: CNBC
    (October 19, 2012) “When $20 Million Is Too Much to Leave the
    Kids




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