Fortunately, there are several estate planning devices that allow parents to shield assets from those who marry – and may divorce – their children:
Irrevocable trust – one of the most common ways to pass assets to children, an irrevocable trust provides asset protection as long as it is not mixed with marital funds.
Preservation trust – this type of trust can be used to protect assets from a divorce by having your child place his or her assets into the trust and naming a beneficiary that is someone other than a spouse.
Post-marital agreement – many parents are unsuccessful in negotiating a prenuptial agreement before the wedding, and find it easier for children to accept the drafting of a post-nuptial agreement later on to protect family assets.
If you’d like to learn more about Trusts, Pre- and Post-Marital Agreements and other aspects of estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.