The moment an inheritance lands in your child’s account, it is exposed to their creditors, their lawsuits, and their divorce. It does not have to be structured that way. A spendthrift provision keeps it protected on the other side of the transfer.
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As soon as money hits their account as an inheritance, it's open and available for grabs by creditors. There are ways to protect that.
You, as a parent or grandparent, it doesn't matter, you can structure your plan allowing protections like spendthrift trusts, protecting from creditors, and possible lawsuits, and possible ex-spouses.
More on this topic: Estate Planning
More From the Seminar
- The Documents That Keep Your Family Out of Court
- An Unfunded Trust Is an Expensive Piece of Paper
- If You Don’t Write a Plan, California Has One For You
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