Enabling addictions should be avoided.
You are updating or creating your estate plan.
You have an issue.
What is it?
One of your loved ones has an addition to opioids.
According to a recent Pittsburgh Tribune-Review article “Pittsburgh attorney sets up 'opioid trusts' for beneficiaries with addiction issues,” you are not alone.
Nearly 12 percent of families questioned in the American Family Survey admitted they had a relative with an opioid addiction.
With such addictions, fear of overdose is valid.
No one wants this to happen to their loved one or anyone for that matter.
Can you leave an inheritance without enabling their addiction?
You could create what is often nicknamed an “opioid trust.”
What does this do?
The trust does not provide financial support to the child.
In short, think of it a form of tough love.
The goal is to motivate the child to recovery from addiction.
An opioid trust will finance recovery efforts, such as treatment bills and therapist payments.
The assets cannot be easily converted into drug money because they are never distributed to the beneficiary.
Do they need transportation to get to and from rehab?
You can provide access to a car without giving them the title.
As with any trust, a trustee will need to be appointed.
In this case, a professional trustee may be a better option to help preserve family relationships independent of money issues.
Reference: Pittsburgh Tribune-Review (August 21, 2018) “Pittsburgh attorney sets up 'opioid trusts' for beneficiaries with addiction issues”