How To Protect Your Children’s Inheritance Through Life
Many basic estate plans leave assets to children outright and unprotected by age 35. If this is how your plan is designed, it's possible you haven't considered an incredibly valuable gift you can give your children (and the rest of your descendants for generations).
Leave your kids a nest egg protected from lawsuits, divorce, and estate taxes.
You can leave what you’ve worked so hard to build to your children so it stays protected so that, if they ever get divorced, what you’ve worked your whole life to create will not be lost to your child’s future spouse. If your child is ever involved in a lawsuit, for example, after a car accident, a business transaction goes bad, or anything else, what you leave to your child will be protected.
The best part is that if your child has a taxable estate when they die, your planning now will save your family 45 cents on every dollar handed down from one generation to the next.
Save your family 45 cents on every dollar at each generation.
This adds up fast! For every million dollars you leave outright to your children, your grandchildren could receive only $550,000, with $450,000 going to the government unnecessarily.
If you want to know that everything you’ve worked so hard to create will stay in your family for generations to come and not be lost to outsiders, leaving your assets to your children protected instead of outright is the way to go.
But how will my kids get to use what I leave to them?
The best part about leaving your assets to your children in a Lifetime Asset Protection Trust is that what you leave protected is not only protected, but also your children control what you leave them when you decide they are ready.
After your death, the assets you leave behind will pass to your children (and your grandchildren, great-grandchildren, and so on for successive generations) in a Trust that your child controls as the Trustee. You can allow your child to act as co-Trustee with help or decide they are mature enough to act as a sole Trustee.
As the Trustee, your child decides how the trust accounts gets invested and what to do with the Trust assets. Your child will even be able to determine the amount of control vs. the amount of asset protection he or she wants based on his or her specific circumstances.
Is this still important if I don’t have much money?
If you only leave your children a small amount of money, this is still incredibly valid for protection. Some might say it’s even more important because your family has less to lose to taxes, lawsuits, and divorce each generation. And the impact of any loss is much greater.
A mere $1,000 protected can become an important safety net for the people you love.
Secure your family's future today by speaking to us. We can review your estate plans and inherited funds with you, ensuring that all legalities are in place so generations can enjoy the benefits according to your wishes. Don't wait, get peace of mind now - contact us today to get started.