Lots of the relevant questions that are asked of me are repeated fairly frequently, so I thought it would be helpful to discuss that elder law subject.
I want to leave my possessions to my children, but will there be ways to protect the possessions from another divorce or from my child's collectors? Money still left to children can vanish for a number of reasons – divorce, individual bankruptcy, litigation, or bad opportunities, merely to name a few. One way to safeguard the family money is through a trust. Click here to know more about elder law.
Frank and Paula are both hitched, but their relationships experienced their downs and ups. Paula's husband has been recognized to invest their limited resources into failed get-rich-quick schemes. Frank has just borrowed a complete lot of money to get started on his own dentistry practice.
The funds in the trust are guarded against creditors in case of bankruptcy. Like lenders, plaintiffs in lawsuits cannot invade the trust. Funds left for the benefit for Frank will not be available if he is ever sued for dental malpractice.
An unbiased trustee can protect a trust beneficiary from bad selections if they are risky assets or foolhardy spending. While parents can't protect their children from misfortune, a cushioning can be created by them for the kids if it occurs.