Heritage Trust Benefits: Protection from Your Child’s Spouse
In earlier blogs you learned what a Heritage Trust is, what some of the benefits of having one are, and how it can solve the biggest problems with passing assets to your loved ones. It is something you set up during your lifetime to protect and preserve the assets you leave to your children in ways they cannot do for themselves. It is a way to provide true asset protection for your children.
There are seven benefits of a Heritage Trust. Here’s Number FIVE:
Benefit 5: Protection from Your Child’s Spouse if Your Child Dies First
What happens if your child dies? Do your assets go to your child’s spouse or to your grandchildren? Where do you want your assets to go in such a case?
If your child dies first and that child’s surviving spouse remarries, then that surviving spouse dies, what happens to your assets? Do your assets go to your grandchildren or to your child’s “replacement”?
A Heritage Trust can provide bloodline protection. Bloodline protection means you keep the assets in the family bloodline. Instead of assets going to a non-family member, assets go to the children of the original beneficiary.
You may think, “I want to make sure my child’s spouse does benefit because we love her (or him), she/he has been good to our child, and she/he is good to the grandchildren. I don’t want to cut her/him out.” The good news is you can get bloodline protection without cutting her/him out. You can name that spouse as a lifetime beneficiary, but keep her/him from passing it on to someone else if your child dies and she/he gets remarried. Instead, it goes to whom you want, but you can still benefit a much-loved daughter-in-law or son-in-law. Isn’t that really what you want to see happen?
If you would like to learn more and have the opportunity to discuss how this would apply to your family, all you need to do is call HAIMAN HOGUE today: (469) 893-5337 or email us at info@HaimanHogue.com and schedule your FREE consultation with one of our caring and professional attorneys.