What are the duties of a guardian? The purpose of Article 81 of the Mental…
At a time in our history when the divorce rate in America is approximately 50%, and household debt is at a record high relative to disposable income, it is not unreasonable to be concerned with protecting your child’s inheritance from potential creditors.
Whether you have a sweet or sour relationship with your son- or daughter-in-law, the mere statistics suggest that it is prudent to protect your children’s inheritance from potential creditors and lawsuits. One common creditor that may attempt to take your child’s inheritance is your child’s former spouse. While this may be a difficult issue to overcome, one potential solution can be found in what is known as a Safe Trust.
The Safe Trust allows you to keep assets in a trust fund rather than pay out the assets directly to your children upon your death. Instead of paying the assets in one lump sum at the time of your death, the assets remain in the Safe Trust. The Safe Trust allows your children to receive the assets while maintaining protection from creditors.
In the event that your child passes away, the assets can be passed down to your grandchildren or other heirs without fear of losing the assets to an ex-spouse, nursing home or creditor.
No one knows what the future may bring, that’s why it’s important to plan for all possibilities. The Safe Trust is a great option to help provide peace of mind for you and your family.