—
The advantages of Bloodline Trusts are still largely ignored by most despite them helping protect family inheritances from being squandered, Elder Law attorney Rory Clark has revealed.
For more information please visit https://legacyelderlaw.com
The Founder of The Legacy Elder Law Center, Leesburg, VA., explained that a Bloodline Trust, also known as our “Protect Everyone” Legacy Trust works in directing hard-earned family assets to those to which they are intended.
Clark elaborated: "Under a “Protect Everyone” Legacy Trust, you control where your wealth goes. One significant advantage is the ability to appoint an independent, responsible trustee who ensures assets in a child's inheritance are only spent in their best interests. For example, these can be funneled towards your child's health, education, and support."
A trust comes into its own if a child divorces as family assets and inheritance could otherwise be in jeopardy if their ex-spouse is irresponsible, either through poor money management, addiction issues, or failing to hold down a job.
If family assets are not adequately protected, the soon-to-be ex-spouse could be entitled to half that inheritance.
A “Protect Everyone” Legacy Trust not only helps prevent an inheritance from being squandered if a child is not great with money choices, it also offers a safety net in the event of a child's death and protection against creditors and lawsuits.
Clark elaborated: "If your child falls into debt or is sued, creditors could gain access to that inheritance if it's not adequately protected within a trust. Your child could lose that wealth.’’
"What happens if you leave an inheritance to your child, who then names a spouse as their primary beneficiary? If your child dies, the spouse may remarry, rename their new partner as the new primary beneficiary and, suddenly, that inheritance could fall into someone else's hands."
If a son or daughter dies, you can use a trust to direct assets to family members, such as grandchildren. "To ensure you have all your bases covered, consult an experienced Estate Planning attorney to discuss the benefits of a “Protect Everyone” Legacy Trust," Clark concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 112, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89079657
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.
