Assets, Creditors, Predators and Divorce: Will Your Heirs Be Able to Limit the Reach of Creditors for Their Inheritance?

Asset Protection

Building wealth can take a lifetime, but losing it can occur in the blink of an eye. Without careful planning, many threats to wealth can cause financial harm to your spouse, children, or other heirs. If something happened to you, would your spouse or children be able to manage the potential risks that go along with your property?

Any debt balances? Creditors that might want to be paid? Injury lawsuits that could be filed? If an heir was ever divorced, could their ex walk away with part of their inheritance? Are any of your children (or their spouses) irresponsible with money?

Would any of them have “plans” for their inheritance that give you concern? Are there any substance abuse concerns in the family? Do you own any property where people could get hurt??

Let’s Look at the Numbers

Let’s look at some of the risks your spouse or children could face without proper asset protection.?

• Slip & fall on heirs’ property ($300k law suit)
• Business goes to kids, later sued for damage from a faulty product ($4 million class action suit)
• In-law invests in wild idea, it fails (he owes $500k to lenders)
• Inheritance co-mingled with marital property, heir gets divorced, ex gets part of family business.
• Grandchild relapses with addiction, incurs large personal debts and gets into expensive legal trouble ($200k in debts and legal fees)?

Many families have failed to consider the very real threats that can put the inheritance of their spouse or children at risk to creditors, law suits, or even extended family members. What risks could threaten your spouse’s or children’s inheritance?

Let’s look at a hypothetical example.?

What creditor risks could impact?your lifetime wealth once it?passes to your family members?

David and Susan Jones have three married children: Sarah, Jeffrey, and Annie. They have 7 grandchildren.

The Jones’ own a manufacturing firm that specializes in products for the proper disposal of toxic chemicals. Despite following best practices, their company has been sued several times.

Fortunately, they have never lost. Their son Jeffrey’s marriage is in a rough spot. Annie’s husband always has “big ideas” for making money, but struggles with execution and financial management.

Sarah’s oldest child has had drug problems, but recently left rehab with hopes of staying out of future trouble.

The Jones are concerned that their children’s inheritances could be squandered or ruined by creditors, predators, divorcing spouses, etc.

You Have Options

What if you could create a source of cash for your spouse or children that was outside the reach of creditors?

What if you could implement a strategy that can protect assets from law suits against your heirs? What if you could protect the legacy you leave to your family from financial division at divorce?

What if you could create a block of cash for the benefit of your family (in their business, education, etc.) while putting rules on the use of those funds to guide their success??

What if there was a way to create the dollars needed in the future for pennies on the dollar today?

Let’s Talk

There are several powerful strategies that can help you accomplish these, and many other, personal financial goals. Let’s sit down and talk and you can decide if any of these strategies might be of interest to you.

New York Life Insurance Company, its agents and employees may not provide legal, tax or accounting advice. Consult your own professional advisors before implementing any plan-ning strategies. ? 2018 New York Life Insurance Company. All rights reserved. SMRU 1778983 (exp. 06.30.2022)