Ron helps you think. He helps you do the right thing without dictating. E & S Dean
Protecting your Children's Inheritance from "Creditors and Predators"
As is the case with most wills, the majority of people who set up revocable and irrevocable trusts leave their assets outright to their children in equal shares when they die. But, instead of leaving your assets equally to your children, why not leave it to your children in "Lifetime Inheritance Protection Trusts" - sometimes called "Heritage Trusts."
Lifetime Inheritance Protection Trusts can be created by you, today, naming your child as a trustee and beneficiary when you die. These trusts, if properly drafted, can provide the following benefits:
- The assets will be protected from their spouse in the event of divorce.
- The assets will be protected from their creditors in the event of a financial hardship.
- On your child's death, the unused assets can be directed to go to your blood relatives (usually grandchildren) of in-laws or others.
During your children's lifetimes, they have significant access to the income and the principal of their trusts -- so that you're not giving them a "gift with strings attached" or "ruling from the grave". The purpose of a Heritage Trust is not to govern or control the life of a beneficiary, but to protect the trust from creditors and predators.