Generally Asked Questions Of An Elder Law Attorney | Free-Find ...

Several of the questions that are asked of me are repeated fairly often, so I believed it would be useful to discuss those elder law topics in the next few articles.

I need to leave my assets to my kids, but is there a approach to guard the assets from a future divorce or from my child?s creditors? Dollars left to kids can disappear for many different reasons ? divorce, bankruptcy, litigation, or poor investments, just to name a few. One strategy to protect the loved ones capital is by the use of a trust.

Mary and John have 4 adult youngsters, all with varying degrees of financial achievement. Dennis, the oldest and most profitable financially, has no have to have for monetary assistance from his parents. Judy, next in line, regrettably has been by way of a terrible divorce and is struggling to raise her son on her own. Paula and Frank are both married, but their marriages have had their ups and downs. Paula?s husband has been known to invest their limited resources into failed get-rich-quick schemes. Frank has just borrowed a great deal of funds to start his own dentistry practice.

Parents in no way stop worrying about their youngsters and Mary and John are no exception. They are worried about a lot more divorces, about regardless of whether Judy will have sufficient capital, no matter whether Frank?s enterprise will flourish, or whether or not he will likely be sued by a patient. They are also worried about there being enough income for their grandchildren.

So what can Mary and John do to ensure what assets they leave really assists their kids and grandchildren? The answer would be to use a trust in their estate preparing. Trusts can continue following the parents? death through the life of the children and, if the chooses, throughout the life of the grandchildren at the same time. The funds are left for the benefit of the youngsters and grandchildren, but limits are placed on access to the trust funds. The assets are there if required, but can?t be spent down on a whim. This restriction provides the crucial protection.

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Source: http://www.free-find-articles.com/generally-asked-questions-of-an-elder-law-attorney/

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