If you have a current estate plan, I’ll bet you plan to leave your assets to your children outright and unprotected by age 35. If that’s the case, you’ve overlooked an incredibly valuable gift you can give your children (and the rest of your descendants for generations); a gift that only you can give them. And a gift that, once you’ve died and left them their inheritance outright, is wasted and cannot be reclaimed. Leave your kids a nest egg protected from lawsuits, divorce, and estate taxes. Now, you can leave what you’ve worked so hard to build to your children so that 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. And, 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 their 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. So, 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? Here’s the best part about leaving your assets to your children in a Lifetime Asset Protection Trust. Not only is what you leave protected, but 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 of the Trust. You can decide when your child is mature enough to act as a Trustee. As the Trustee of the Trust, your child decides how what you’ve left is invested and what to do with the Trust assets. And 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 such losses is much greater. A mere $1,000 protected can become millions for the people you love. Secure your family’s future today by speaking to us, your Personal Family Lawyer®. We review 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.