Trust & Estate Quick Tip #5 - How to Protect Your Estate From Your Kids' Spouses and Creditors

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Should you leave your estate to your adult children in a trust?

Yes!

The two most important factors on why you would want to do this are to:

1. Protect your assets from in-laws
2. Protect your assets from creditors

A lifetime trust, also called a lifetime asset protection trust (LAPT) is a special type of trust designed to protect your loved ones and their inheritance from ruinous decision-making and the actions of creditors.

By leaving your assets in a lifetime trust, your child’s spouse and creditors wouldn’t be able to go after these assets.

A lifetime asset protection trust may be useful where an heir has significant debt, is going through or is likely to go through a bad divorce, or is known to make poor decisions when managing money.

If something happens to your adult child, the assets will remain in the trust for your other surviving children or existing grandchildren.

The assets will also be protected from creditors that your child may have such as getting sued, hurting someone in a car accident, or defaulting on business loans and/or student loans.

Talk to a seasoned estate planning attorney to discuss your options for trusts and whether a lifetime trust is appropriate in your circumstances.

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