GRAND Magazine - July 2009 - 47

For my grandparents, television—which was a family affair—meant Friday Night Fights, the game show Concentration, The Rifleman and The Ed Sullivan Show. My memories of my grandparents are a handful of one-act plays, seen through a haze of births and deaths, glories and disappointments: Now, my grandfather is sitting in the La-Z-Boy, and I’m on his lap, drinking RC, hearing the ice clink in my glass and his, and feeling the dry desert heat. “Ding”! The bell sounds signaling the beginning of the fight. Grandpa tells me who the favorite is, and why. Once gloves clash, my grandfather takes the role of the “color” commentator, providing background on the boxers, calling the play-by-play, defining “combination” and “left hook.” GRAND thE O n l I n E mAgAZInE FOR gRAndpAREnts JUNe 2009 Good Sports Role models in the bleachers GRANDfAtheR JOE FRAZIER More than ever, a “GRAND” champion * Is “sexting” abuse? your * Startingwhat’smemoirs * Nana, cancer? + Plus Editor’s note: Our cover story in June on grandfather (and great-grandfather) Joe Frazier  prompted this lovely memoir from one of our readers. Now, the memories shift: My daughters are bathed and in their PJs, and we sit on the couch and watch boxing with their father. We watch Muhammad Ali, Joe Frazier, George Foreman, Leon Spinks and Sugar Ray Leonard…and without fail, when I hear the “ding!” to begin the match, I see my grandfather, I hear him, I smell Ivory soap, whiskey, tobacco and butterscotch candy. And I’m almost there. G GRANDPARTNERS FOR GRANDPARENTS Putting Grandma’s Trust in Trusts A trust is an entity that holds title or ownership of one’s assets. These assets are managed by a trustee or trustees in accordance with the terms of the trust. Trusts can either be created in a will (i.e., they will go into effect when the individual dies), or they can be established during one’s lifetime. The individual who sets up the trust is called the grantor or settlor. A trust may be a perfect alternative for a grandparent who wishes to make a gift to her grandchildren but, for various reasons, is reluctant to give the gift outright. Transferring the funds to a trust for the benefit By Ronald A. Fatoullah of the grandchild or grandchildren enables the grandparent to make the gift with “strings attached.” The grandparent maintains control and dictates the trust terms. For example, she can provide that the grandchild receives certain amounts at certain ages, or upon the occurrence of an event, such as graduation from college. The trust can also allow the trustee to make discretionary distributions to or for the benefit of the grandchild for the grandchild’s health, education, maintenance and support. Rather than an outright gift, where complete control is relinquished, a trust allows for flexibility, security and continued management Ronald Fatoullah is principal of Ronald Fatoullah & Associates, elder law, estate planning and special needs attorney in New York. Leading the Way in Special Needs and Elder Law SM If you have a question about grandparent rights or other legal issues affecting you as a GRANDparent, please send to grand@grandmagazine.com JULY 2009 GRAND 47

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GRAND Magazine - July 2009

Table of Contents for the Digital Edition of GRAND Magazine - July 2009