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Home / Estate Planning / Protect Your Children Now and in the Future

Protect Your Children Now and in the Future

February 16, 2022 by Brandon McGee

Protect your children

Your children have always meant the world to you. You’ve done everything within your power to meet all their needs and ward off dangers. You’ve always kept a watchful eye out for them, whether it’s when they were swimming in the ocean or wandering too close to the edge of the Grand Canyon. You’ve met their needs, from putting food on the table to buying them new clothes for school.

We cannot protect our children from every risk in life. When they grow up, they will make some mistakes, just as we did. But, we can afford them some financial protection by leaving their inheritance in trust.

A trust can help because it holds legal title to assets, even though as beneficiary, your child will hold beneficial title. By leaving your assets to your child in a “Family Access Trust,” he or she could still get at the assets at any time. He could even remove all the assets from the trust, if desired. But, while the assets remain in the trust, it protects the assets from your child’s divorcing spouse and, in most states, keeps your child’s future ex-spouse from taking your child’s inheritance.

A Family Access Trust will not act to protect the assets from other creditors of your child, however. In order to accomplish that goal, you would utilize a “Family Sentry Trust,” which is a discretionary trust for the benefit of your child. Distributions to your child would be made by the person you appoint to make decisions for the trust, the “Trustee.”  Your child could be a Co-Trustee, but could not act alone to make distributions. Your child could be named as the Investment Trustee and, in that capacity, could direct how the assets would get invested. A Family Sentry Trust protects your child from most of their creditors, depending upon the state. An added benefit is that, with a Family Sentry Trust, the assets are not taxed to your child’s estate for estate tax purposes.

You’ve spent your life building your legacy, which will become your children’s inheritance. You can keep that inheritance from being attacked by their future ex-spouses or other creditors. A qualified estate planning attorney can help you provide for your children, and not their creditors.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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