I have a 70 year old man that wants to do something with a old whole life, maybe do a 1035.....
Anyway he has 14 grandchildren and another in the oven.
He wants his grandchildren to be the beneficiary of his policies.
What is the best and simplest way to do this. Ages range from like 4 to 16, with at least one more on the way. I gues we could name all born grandchildren. And then make a updated beneficiary designation when an additional grandchild is born.
Or set up a trust to be the beneficiary of the proceeds. I am thinking that each grandchild would receive between 5 and 20 thousand each.
I guess if there was no trust then the Uniform Transfers/Gifts to Minors Act would control the proceeds. With maybe one parent from each couple serving as the trustee of their separate children until their children reach the age of majority. (Do some states have that age as 21 ? While others 18 ?)
Any advice on a easy, simple way to accomplish the clients goals ?
Thanks
Anyway he has 14 grandchildren and another in the oven.
He wants his grandchildren to be the beneficiary of his policies.
What is the best and simplest way to do this. Ages range from like 4 to 16, with at least one more on the way. I gues we could name all born grandchildren. And then make a updated beneficiary designation when an additional grandchild is born.
Or set up a trust to be the beneficiary of the proceeds. I am thinking that each grandchild would receive between 5 and 20 thousand each.
I guess if there was no trust then the Uniform Transfers/Gifts to Minors Act would control the proceeds. With maybe one parent from each couple serving as the trustee of their separate children until their children reach the age of majority. (Do some states have that age as 21 ? While others 18 ?)
Any advice on a easy, simple way to accomplish the clients goals ?
Thanks
