Locking Things Up for You AND the Next Generation
Jeffrey G. Marsocci
The Plain English Attorney ? Estate Planner ? Author ? Speaker
Unfortunately, the next generation may need a little extra protection... even from themselves. I'm not talking about specific beneficiaries with Special Needs who may need an inheritance to be locked up so they don't lose their benefits. Instead, I mean making sure that an inheritance. Sometimes that protection is also needed for the current generation. Here is an exchange I had with a subscriber going through a tough divorce who wanted to make sure that if they ever get remarried that they are protecting themselves and their children from the bad impact of divorce.
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Poster: I found this video to be very helpful and have subscribed to the channel. I am separated, intending to file for divorce, and needed this information to determine which type of trust would be best to name as beneficiary to my assets. I was "married" to my estranged spouse for 25 years at the time of separation. My ultimate goal is to protect these assets from him since he did not contribute one iota to them, does not have any of his own assets, and abandoned me for someone else. I would like to see more videos on how the contributing partner can protect his/her assets from the non-contributing partner. Thank you!
Response:?Thank you for subscribing! There is a whole systematic way to protect your assets using a Premarital Agreement (with regular updates), a Domestic Asset Protection Trust (irrevocable) to hold your individual assets and investments with a trustee separate from yourself, and being diligent in making the other spouse contribute their agreed upon share towards any joint expenses. Unfortunately, this doesn't usually end up helping people who are already married without a prenup or trust, but if there is a next time, it's worth looking at. Here's an overview video I did about 10 months ago, and I will probably do more in the future.
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There are ways to protect the next generation through good estate planning, particularly if there is a son-in-law or daughter-in-law you recognize as being untrustworthy. You can learn more about this particular "In-Law Protection Strategy" at https://www.inlawplanningwebinar.com.
But there are also ways for individuals to protect themselves before getting into a legal relationship through marriage if that is what they want to do. The entire strategy can be reviewed in more detail than the video about by checking out my book The Divorce Firewall Strategy How to Avoid Losing Everything in a Divorce by Planning Ahead at https://www.DivorceFirewallBook.com.