Protect Inheritance from Kid’s Future Divorce
At Aliav Law, we believe family assets should stay in the family. As you get older and consider where you’d like your money to go, keep in mind how that money may be shared one day with your child’s spouse. You want to maintain the money within your family without risking your assets to a future divorce, and we can help you get to that point.
A common problem we see is that a client will leave an inheritance to a child, and that child then puts the money into an account that is shared with his or her spouse. If those two people ever divorce, the inheritance sitting in the joint bank account will also more than likely be split between them both equally. Was this your intention when giving your child a 6-7 figure inheritance? Aliav Law does not believe this is a fair representation of what our client originally had in mind for the child.
One simple way to protect that inheritance is to have a divorce protected trust. If your trust simply states that the child receives this inheritance “outright” or in his name, then you do not have this protection that can save you a boatload of money in the future. This kind of trust can be utilized and kept separate from other financial matters and accounts. Deciding the best route can be confusing at times, especially when navigating the feelings of family members. This is a top concern of our clients which is why Aliav Law is ready to guard against this in the best way possible.