Page 18 THE EVERETT ADVOCATE – WEDnEsDAy, nOVEmbER 22, 2023 Sa nir Sa a y Senior Seni by Jim Miller How an Incentive Trust Can Infl uence Your Heirs Dear Savvy Senior, What can you tell me about creating an incentive trust? I have an adult son and daughter that are both fi nancially inept. Before I die, I want to put some type of requirements in place that they will need to follow in order to receive their portion of my estate. Frustrated Father Dear Frustrated, If you want to influence your heirs even after you’re gone, an incentive trust is defi nitely an option to consider, but be careful how you construct it because it can cause unintended, unfair consequences. Here’s how it works, along with some tips to help you create one. Incentive Trusts Basics An incentive trust is an estate-planning tool designed to help encourage your heirs in a direction you desire when you’re no longer around. With an incentive trust, some or all of your assets are passed to your trust when you die rather than directly to your heirs. Your trustee is empowered to distribute funds from the trust only if and when your benefi ciaries do whatever it is you have specifi ed in the trust. For example, an incentive trust might encourage a benefi ciary to graduate from college, enter a particular profession, get married or even have children. They could also reward beneficiaries who do charitable work or supplement the incomes of those who choose low paying, yet meaningful careers like teaching or social work. Or they could penalize benefi ciaries who don’t work by cutting off or decreasing distributions or placing restrictions on heirs with addictions by requiring that payments go directly to rehab centers. But be aware that these types of trusts can also have drawbacks. A poorly constructed incentive trust can have a high risk of unintended consequences. For example, if your trust provides a financial incentive for your children to be employed fulltime, but one of them gets sick or seriously injured in a car accident and can’t work, they would be punished unfairly. You also need to know that incentive trusts aren’t cheap. You can expect to pay an attorney $2,500 to $5,000 to draft one. There are also legal limits on what you can do with an incentive trust. While state laws vary, incentive trusts that encourage a benefi ciary to join or leave a particular religion, or leave a spouse or not marry at all, can be challenged in court and possibly struck down. How to Create One To create a solid incentive trust that accomplishes what you envision, you need to hire an estate-planning attorney who will include precise instructions that clearly spells out your wishes. You’ll also want to include language granting your trustee the right to use his or her discretion and that the trustee’s decisions should be fi nal and binding. This allows your trustee to make common sense rulings, which will reduce or eliminate the chances of unintended and unfair consequences. It also makes it very diffi cult for benefi ciaries to successfully challenge the trust or trustee in court. When a trust grants fi nal decision-making authority to its trustee, it becomes almost impossible for benefi ciaries to successfully argue that this trustee is not correctly implementing the trust’s terms. The key is to select a trustee who’s smart enough to interpret your intent and has suffi cient backbone to stand up to benefi ciaries when necessary. You also need to select a successor trustee too if your fi rst choice can no longer serve. Fees paid to a trustee vary widely depending on the state’s fee schedules, the size and complexity of the trust, and conditions laid out in the trust. To fi nd an experienced attorney in your area to help you create an incentive trust, see the National Academy of Elder Law Attorneys (naela. org) and the American College of Trust and Estate Counsel (actec.org). Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. nior ior Everett Public Libraries Calendar of Events november/December 2023 11/27/23 - 12/2/23 Parlin Adult and Teens Yarn Club Parlin Fireplace Room. Tuesday, November 28th at 7pm. Come chit chat and stitch! Bring your crocheting, knitting, or any other yarn craft and sit and socialize with other members of the crafting community. Recommended for ages 14-109! The Man Who Invented the Christmas Card, Parlin Meeting Room, Saturday, December 2nd at 11 am. Mr. Alan R. Earls tells the story of Louis Prang, an immigrant fl eeing war torn Germany, who came to Boston and invented Christmas Cards! Happy Holidays! Origami Club. Parlin Fireplace Room. Saturday, December 2nd at 12pm. Come and practice the ancient art of paper folding. All ages and skill levels are welcome! Parlin Childrens Lego Club. Parlin Children’s Room. Monday, November 27th from 3-5pm. Come to the Children’s Room after school on Mondays for some free-building lego fun. Open to all ages. Children under 6 years old must be accompanied by an adult. No registration required. Storytime with Vera. Parlin Children’s Room. Tuesday, November 28th at 12pm. In English or Portuguese by request. Visit the Parlin Library Children’s Room to attend! Suggested ages 2-6. The Poop Museum Parlin Meeting Room. GBL CHAMPS | FROM PAGE 13 As far as his team is concerned, he likes their resiliency. “It has been an up and down season of emotions, but we have been a resilient team all year long,” explained Flores. “I expect no less from this group coming off a loss (to Central Catholic). Things could have gone better this year in some of our bigger games, but I’m still happy with the (positive) direction the program is taking during the last three months.” Everett captain Aidan Duclos will be missing his third straight game with an injury, but everybody else is healthy and ready to beat St. Mary’s of Lynn tonight, Nov. 22. Tuesday, November 28th at 3:30pm. Explore The Poop Museum for an intriguing, fun, and educational experience. Susie Maguire, a dedicated expert, shares her knowledge with children, off ering surprising facts about human, animal, and insect poop. With a blend of science and humor, this museum is sure to make you laugh and learn. Storytime and Singalong with Karen, Parlin Children’s Room. Wednesday, November 29th at 11am. Join us for a fun-fi lled morning of singing and storytelling with Karen! Suggested ages 0-6. Drama Class. Parlin Children’s Room. Wednesday, November 29th at 3pm. Do you have a drama queen or king at home? Drama Class in the Parlin Children’s Department is the perfect opportunity for your child to put those acting skills to use with our drama coach! Suggested ages 6-14. City of Everett Annual Tree Lighting: Santa Claus at the Parlin Library. Parlin Fireplace Room. Friday, December 1st at 5 pm. All are welcome to join the City of Everett as Mayor DeMaria and family throw the switch and light tree in Everett Square to spread holiday cheer throughout the City! Enjoy arts and crafts and storytelling with Mrs. Claus while you wait for your turn to take a photo with Santa! Shute Adult and Teens Nothing for this week Flores has had a steady stream of standouts this year, including Damien Lackland, who has played at a high level as the team’s star go-to running back, according to the Everett coach. “The off ensive line has also been great this fall, picking up both the run and pass schemes very well in every game. And Dom Papa, Christian Zamor and Jayden Prophete have been tremendous two-way players for us all year long, making plays on both sides of the ball in critical situations,” added Flores. “Shane MacKenzie has been a standout on the defensive line, as he has been dominant in the run game, as well as leading the team in sacks.” The Everett off ensive starting lineup for tonight’s game against St. Mary’s of Lynn is as follows: quarterback Carlos Rodrigues, running back Damien Lackland, tight end Dominic Papa, wide receivers Jayden Prophete, Christian Zamor and Jaysaun Coggins and linemen Seajae Gaskill, Fabrice Michaud, Carlos Cornejo, Chris Ruiz and Marvin Desruisseaux. On defense, there’s Shane MacKenzie, Jason Stark and Matt LaMonica up front as linemen. Pedro Rodrigues, Kevin Diaz, Papa and Zamor are the linebackers. Jeremiah Jeanlouis and Donald Michel will start at cornerback, with Joao Barreiros and Prophete rounding out the defensive backfi eld at the safety positions.
19 Publizr Home