Thursday, May 7, 2015

But He Hasn't Even Met Her Yet!

Last week we fast-forwarded nine-month old Sam’s life to age 18 to talk about the protection from creditors that his parents can give him by putting any money they leave him in a trust.  We look at one specific potential creditor today to further illustrate.

This time we are moving on to age 20.  We learn that Sam’s financial judgment is good, but his taste in companions is unfortunately not good.  In fact, he is marrying Eve, and his parents and his sister, Rose, are sure it will end in divorce. 

Ray and Liz already put a trust in their Wills that would allow Sam one third of his inheritance outright when he is age 25 and the next third at age 45, with the rest at age 55. 

If Ray and Liz pass away during Sam’s honeymoon and he and Eve divorce when he is 24, none of his inheritance would be subject to being divided with his soon-to-be ex-wife by the divorce court. 

But if the divorce happens when he is 40, the two-thirds remaining in the trust will not be subject to division.  But, unless he chose not to withdraw his money at 25, the money from the first third would probably be subject to the court dividing it between Sam and Eve, because Sam routinely puts both his and Eve’s name on all their accounts. 

To consider your alternatives for your own estate plan, including limiting claims of potential ex-spouses for your infant children, please call our office at (815) 436-1996 for an appointment.

©2015 Gruber Law Office, Ltd.


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