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Thursday, May 14, 2015

Wedded Bliss

Last week we fast forwarded baby Sam to age 20, when he and Eve got married, which his parents and 24-year-older-and-wiser sister fear is a huge mistake that will end in divorce. 

Because Ray and Liz have a trust in their Wills for Sam to protect part of his future inheritance through the age of 55, they hope that Sam will still has money left for a new start when the divorce is final.  Any money still in the trust at divorce could not be divided up by the divorce court. 

But let’s say Sam actually discovered a diamond-in-the-rough for his bride and the marriage is blissful instead of troubled. 

Ray and Liz know that it is still better to have the money in the trust.  Since Sam and Eve would be married in their golden years, Sam could share the benefit of all of his inheritance with his partner then if he wished to. 

But until that thirty-fifth wedding anniversary, the money from Sam’s inheritance could be spent by the Trustee to help Sam in case he needed help and also would be out of reach of any creditors of Sam or Eve.  As some business negotiators like to say, that is a win-win.

It is never too early to plan for those you care about most.  To consider ways to protect your own family in your Will and estate plan, please call our office at (815) 436-1996 for an appointment.

©2015 Gruber Law Office, Ltd.


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