Protect the inheritance you plan to leave for your children

Protect the inheritance you plan to leave for your children

Would you want the assets you have earned during your life going to your child’s creditor or ex-spouse after your death?

These are difficult subjects to acknowledge, but they can and do happen.

If your inheritance goes directly to a child or loved one (e.g. through a will or trust), those funds become an asset of that child. That in turn exposes the inheritance to being lost to a creditor or split with an ex-spouse.

However, you can protect these funds for your children. You can do this by updating your trust or creating a special type of living trust.  Simply put, the trust would say that upon your passing, the inheritance stays in trust for that child. The child would then take a distribution from the trust as needed.

The terms of the trust are critical because that is what allows the inheritance to be protected against that child’s creditor or ex-spouse.

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