(LegalLaw247.com, February 15, 2012 ) Newport Beach, CA -- Its a common fear for any parent: suddenly passing away and having their child inherit their money outright at age 18, before the child is mature or responsible enough to handle such a large sum of cash.
Thats why many parents leaving a significant inheritance to their children choose to place their money in a trust, which helps to ensure their money is not lost or wasted on things like fancy cars, luxury items, gambling, foolish spending or expensive drug habits. Leaving an inheritance in an asset-protected manner also helps to protect family wealth in the event the child faces a future lawsuit or messy divorce.
Whitney Houston may have had the same concerns about leaving money outright at age 18 to her own daughter, Bobbi Kristina, who recently has been photographed using drugs, partying and acting erratically.
Its likely that Whitney Houston had a will and took some form of precaution to protect her daughter in the event of her untimely death, but when it comes to money Houston recently inherited from her father, Orange County estate planning attorney Darlynn Morgan warns it may be too late to keep it from Bobbi Kristinas hands.
Theres a good chance that Whitney didnt have time to plan for the money that she was just awarded from her fathers estate, says Morgan. If that is the case, the money will likely end up in the probate court and will eventually be awarded outright to Bobbi Kristina, who is her surviving heir, she adds.
Morgan believes that this oversight could prove very dangerous to Bobbi Kristina, who may not be stable enough to handle such a large sum of money following her mothers death.
Bobbi Kristina is in a very fragile state and shes very young. There are people that might try to take advantage of that and get close to her because of the money shes about to receive. It also makes it that much harder to avoid situations that got her parents in trouble in the past, says Morgan.
Morgan believes there is a lesson in Whitney Houstons death for all parents to take precautions and protect their money in such a way that it would not hurt their children in the event of their untimely death. She says legal tools such as living trusts are great ways to place age restrictions and some oversight on family wealth to ensure that it lasts.
For more information about concerns regarding Whitney Houstons estate or about Orange County attorney Darlynn Morgan, please visit http://www.morganlawgroup.com or call (949) 260-1400.
About Darlynn Morgan | Morgan Law Group
Darlynn Morgan is the founder and CEO of Morgan Law Group, an Orange County law firm specializing in estate planning for the entire family. Her straightforward and easy to understand legal advice has been featured in a number of publications including Forbes.com, OC Metro Magazine, LifetimeTV.com, The Daily Journal and the OC Register. She was named a Super Lawyer by Southern California Magazine in 2007,2008,2010 2011 & 2012, which is awarded to the top 5% of lawyers in southern California, in addition to being named a top OC Attorney by OC Metro Magazine in 2010. For more information on Darlynn Morgan, please visit http://www.morganlawgroup.com
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Morgan Law Group
Darlynn Morgan
949-260-1400
darlynn@morganlawgroup.com
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