The Bongo Bongo Burger Story
George Goodparent and Gladys Goodparent feel that the sun rises and sets over the head of their only child, Easygoing Billy. Their attorney, Mr. Wise Counselor, strongly recommended to them that they set up a Revocable Living Trust wherein Easygoing Billy would have the right to withdraw one-third of his inheritance at the age of 25, a second one-third at the age of thirty, and a final one-third at the age of 35. In the interim, the Trustee could take care of all of Easygoing Billy’s reasonable needs and education. Both Goodparents would hear none of this; they felt the sun, moon and stars rose and set upon Easygoing Billy’s head and they were sure he would not misuse his inheritance. Their family attorney, Mr. Wise Counselor, gave them many examples and the fact that 95% of all large wealth is dissipated within one year of the parents’ death, if given in one lump sum amount. They still would not listen. Upon the parents’ deaths, Easygoing Billy was contacted by his good friend, Take-A-Risk Tom. Tom explained to Easygoing Billy that it would only take approximately half of his inheritance to buy into this new restaurant franchise called "Bongo Bongo Burgers", where the waitresses come out, on roller skates, dressed in gorilla costumes and serve jungle shakes. The other half of his inheritance would be used to outfit the restaurant franchise and pay the rents for approximately a year. Take-A-Risk Tom assures Easygoing Billy that it would be a home run within the year and he would triple his money. We don’t have to tell you the rest of the story, you have already guessed it. Within one year of his parents’ deaths, Easygoing Billy had lost all of his inheritance and regretted it for the rest of his life. If Goodparents had listened to Wise Counselor, they would have given the money to Easygoing Billy in three increments. Inevitably, the first third is pure monopoly money and is spent on a risky venture. Hopefully the second third is not used in such a manner, but is occasionally still used in less than solid sober investments, namely, .com stock, commodities trading or options trading. Hopefully the last third is put into solid investments and used for the child’s future needs.
Another major advantage of the program suggested by Attorney Wise Counselor is that Easygoing Billy could be protected from other future mistakes. The language of the Trust would state that Easygoing Billy, at the various ages suggested by Attorney Wise Counselor, "may withdraw" at each of the various ages stated in the Trust, but he would not have to withdraw, if he were in the midst of some sort of a problem. This is because Wise Counselor has put into Goodparents’ Trust a provision which is referred to as a "spendthrift clause". That provision says that as long as Easygoing Billy does not withdraw the money from the Trust, it cannot be attached for bad debts, alimony, child support, etc., etc., etc. Thus, Easygoing Billy could let the money sit in Trust for his children or until such time as he has gotten past his divorce, bad business venture or any other claim of creditors. Hopefully when Easygoing Billy sets up his Trust for his children, he will be a better Goodparent than his parents.
Law Offices of John Peter Curielli, P.C.
126 S. Northwest Hwy
Barrington, IL 60010-4608