Can You Use a Family Protection Trust?

By Harry S. Margolis

A Family Protection Trust is designed to protect the inheritance you leave your children and grandchildren from the risks inherent in modern life, including divorce, lawsuits, bankruptcy, extra taxes or premature death.

If you answer yes to any of the following questions, you should consider implementing a Family Protection Trust:

  • ‘Have you or anyone in your family been divorced?
  • Are you concerned about the marriage of any of your children or grandchildren?
  • Have you or anyone in your family ever been sued?
  • Do any of your children or grandchildren work in a field where they have a good chance of being sued, such as health care or construction?
  • Has anyone in your family ever filed for bankruptcy?
  • Have any of your children or grandchildren demonstrated bad judgment in financial decisions?
  • If one of your children died, do you have any concerns about whether his or her spouse would pass on the inheritance you leave to your grandchildren?  (What if he or she got remarried?)
  • Does any of your children have a taxable estate?
  • Does any of your children or grandchildren suffer from a disability?
  • Would you want the funds you leave your children protected if any of them needed nursing home care?
  • If you answered yes to any of these questions, we recommend discussing the pros and cons of Family Protection Trusts with one of our attorneys.

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