IDENTIFYING SANDBOX ISSUES

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In the prior post from February 21st, I identified circumstances that resulted in the destruction of family wealth. In this post, I want to address what Frank Brunetti terms “Sandbox Issues.

Sandbox issues are conflicts among siblings during childhood that remain unresolved into adulthood, until they erupt in direct conflict over the assets of the parents. These conflicts may arise at the time of a parent’s death or prior to death when the parent is either disabled or easily influenced by one or more children.

It is important for an attorney to identify potential conflicts in advance, so the documents can be drafted in a manner that will deal with these potential issues. A child may also face other issues, such as tax problems, judgments, and divorce. Although these are not classic sandbox issues, they must also be taken into account in the planning process so an individual will not be tempted to divert funds...

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Published In: Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© James McDonough, Scarinci Hollenbeck | Attorney Advertising

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