This is the second of a three-part article designed to summarize various mechanisms by which you may pass property to your children or others to be used as an outline of possible options to discuss with your attorney or accountant and is not an exhaustive list.  Please refer to my earlier posting, “Spending Your Kids’ Inheritance, Parts I,” for further introductory information.

Although many people joke about trying to do all they can to spend their children’s inheritance – that is, spending money they have worked hard to save over the years – the reality is that when you die, there usually are a fair number of assets that you owned which must now be given to someone. You can’t simply take your wealth with you when you die. As the old joke goes: “How much did Howard Hughes leave when he died?” Answer: “All of it.” Unless you want to leave a legacy of confusion in your wake, it is wise to do some planning for what will happen to your “things” after you die.