Using a revocable living trust for someone with drug or alcohol addiction issues or problems

Attorney Tom Olsen: Term also known as they want to control the purse strings from the graves.

Attorney Holley Knapik: Yes.

Attorney Tom Olsen: Sometimes that can be a great idea. Sometimes people, they just need to let it go.

Attorney Holley Knapik: Right.

Attorney Tom Olsen: It is what it is.

Attorney Holley Knapik: It is what it is, and just remember, this will happen when you're no longer here with us.

Attorney Tom Olsen: Yes. Well, let's give a couple of examples of when it's appropriate and when it's not appropriate. I had some clients last week, that they had a son with drug and alcohol addiction issues. He has just been through rehab. He's three months sober. First thing I told them was I said, "Look, I want you guys to know that we meet with a lot of clients here. Drug and alcohol addiction issues is far more common than you knew would ever believe.

Attorney Holley Knapik: Absolutely.

Attorney Tom Olsen: You are not alone in this situation.

Attorney Holley Knapik: Yes, not at all.

Attorney Tom Olsen: For anybody else out there listening and worrying about their children and addiction issues, yes, be worried, but please know that you are not alone.

Attorney Holley Knapik: Absolutely.

Attorney Tom Olsen: Plenty of people in the same situation.

Attorney Holley Knapik: Yes.

Attorney Tom Olsen: They were talking in terms of, okay, they've got other kids that would ever share would go to this son. His share would be held in trust. It would be doled out to him over potentially the rest of his life.

Attorney Holley Knapik: Yes.

Attorney Tom Olsen: At one point in time, they said, "Well, you know, Tom, maybe we'll just give it to him out right, and it is what it is." I said, "I get it, but this will be a situation where that may not be right, because if you got somebody that's on drugs, and they inherit a large chunk of cash, then--

Attorney Holley Knapik: They end up running through it.

Attorney Tom Olsen: I think that that's a good possibility. They may be dying as part of that.

Attorney Holley Knapik: As part of that, exactly.

Attorney Tom Olsen: As part of that. Putting it in trust for this child with addiction issues, although he has been through rehab, and as far as I know, that's his first time. I've had plenty of clients over the years with kids that have been through rehab multiple times.

Attorney Holley Knapik: Multiple times.

Attorney Tom Olsen: Yes, there's no guarantee it is a day-by-day fight for people with addiction issues.

Attorney Holley Knapik: It is, and this gives the parents a sense of relief knowing that, "Okay, should there be a relapse, there's someone else managing that money on their behalf."

Attorney Tom Olsen: Yes, they were going to choose another son to be the trustee over this addicted son issue. I said, "Look, if you guys pass away, and this share for the son is put into trust, your other son, 10 years later, might say, "Hey, congratulations. You've been sober for 10 years. Here's the rest of your money."

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