[CRH911S]

Best advice anyone can give you is to see an attorney that specializes in estates, wills and trusts. These guys are usually up to date on tax issues as well. From the sound of it you might consider a trustee to deal with money matters, living expenses, education, medical and investments while the children are minors and even beyond that so they can concentrate on their studies while in college. At some point, or not, the trustee that you designate can be given pretty broad powers as far as the money is concerned. You can specify any number of options the trustee may choose with respect to assets, investment, disbursements and expenses. A lot of work and money goes into managing a trust. If the trust is substantial then I would recommend something long term and minimal tax liability. Just so you know, a good California estate attorney runs about 400.00/hr, and accountants substantially less but remember you get what you pay for. Just my .02 worth....