Leading Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX outlines the reasons to consider bloodline trusts during estate planning. For more information please visit https://www.haimanhogue.com
Frisco, TX United States - July 31, 2023 —
Families need to know how a Bloodline Trust could work in their favor and protect an estate for the long term, Estate Planning Attorney Fred Haiman revealed this week.
For more information please visit https://www.haimanhogue.com
In a recent interview, the partner at Haiman Hogue in Frisco, TX, discussed several good reasons people should consider bloodline trusts during their estate planning process.
Haiman said: "When a family or parents are assessing the best avenues for estate planning, they should consult a skilled estate planning attorney on the benefits of a Bloodline Trust. Establishing one will go a long way to ensuring their assets go to the very people they were intended for."
A Bloodline Trust, otherwise known as a Heritage Trust, would come into its own shielding or protecting an inheritance if a child was to divorce. "An inheritance could be in serious jeopardy if a child divorces a spouse who has proven themselves to be irresponsible,” he said. “If not passed down properly, in the event of a divorce, the son- or daughter-in-law could receive a share of that inheritance"
Such warning signs to look out for could be an in-law's poor money management, addiction traits such as alcoholism or drug habits, and difficulty staying employed.
Ensuring your inheritance money is spent in the child's best interests is another reason to opt for such a trust. Haiman explained: "Not everyone is excellent with managing money, and a child might fall into this category. A bloodline trust is the best way to prevent an inheritance from being squandered.
"One major advantage is that you can appoint an independent trustee and dictate the money should be responsibly used for its intended purpose – such as a child's health, education, and support."
Bloodline trusts also ensure assets stay within the family in the case of a child's death. Haiman said: "You can control where your wealth goes. For example, if you leave an inheritance to a child, they could name their spouse as their primary beneficiary. If that child dies, the spouse might remarry and give these assets to their new spouse or ne spouse’s children. Your inheritance could now end up in someone else's name and hands. I call this the Anna Nicole Smith protection."
Such a scenario could be prevented if the assets in that inheritance were placed in a bloodline trust. If the child dies, the assets could be redirected to go to someone else in the family, such as grandchildren.
Bloodline trusts can also protect an inheritance from creditors and lawsuits. Haiman said: "If your child falls into debt or is sued, creditors or lenders could access that inheritance unless it is in a properly drafted bloodline trust. That money would otherwise be exposed, and your child could lose part or 100% of that inherited wealth."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469-529-5502
Website: https://www.haimanhogue.com
Release ID: 89103468
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