Families can provide for troubled children through special purpose trusts, Karen Francois told the New York Times. Ms. Francois is the Chief Personal Trust Officer at Evercore Trust Company, N.A., and a Partner and Wealth Advisor at Evercore Wealth Management.
Special purpose trusts are used to provide children a semblance of the life they might have enjoyed without mental illness or addiction, she said. “You might be working with a situation where, with an addicitive individual, you could have some good years and some bad years. You want that latitude to make changes with the distributions.”
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