By Beth DeCarbo
In his lifetime, Kerney Overman Jr. built a thriving construction company, a close-knit family and a charming beach cottage one block off the Atlantic Ocean in North Carolina. But at around age 70, his mind started to slip. Since his wife had already died, he turned to his eldest child, the one he called “Old Faithful,” to help plan for the future.
“If it had to be done, I would do it,” says his daughter, Karen Garrison of Burlington, N.C., who, with an attorney, helped her dad set up a trust to hold the beach cottage and other investment properties.
When Mr. Overman died in 2015, his estate plan enabled all four children to share the cottage and ensured they had the money to maintain it. The investment properties were sold, with the proceeds going into the trust. Rental income—about nine weeks a year—helps cover some of the expenses, and each child pays a nominal fee when staying at the cottage. So far, the plan has worked: All four siblings are still on speaking terms. Read more.