(855) 335-1060
Inter Vivos, PLLC
  • Home
  • Clients
    • Our Services >
      • Planning For People
      • Planning For Causes
      • Planning For Assets
      • Planning For Business
  • Advisors
    • Our Advisor Program
  • Attorneys
    • Our Planning Team
  • About Us
    • Our Media
  • News
    • Our Blogs
    • EstateMents 2019

Gold- Digger Protection

6/13/2015

0 Comments

 
Picture
When you plan on leaving an estate behind after your death, nobody wants some stranger to benefit from it rather than their own family. Probably one of the biggest fears many people have in terms of leaving behind some kind of legacy is: "what if it ends up in the wrong hands" or "what if my wife [or husband] re-marries and some other guy ends up with my money and my house". In the case of re-marriage most people would want their estate to pass to their children, but in case their spouse doesn't re-marry most people would want the estate to take care of their spouse.
These can be confusing and often difficult issues to consider, and because of that many people simply don't consider them. Yet, proper planning can take away the "what if's" and leave you with more peace of mind knowing exactly what is going to happen when you're gone.

One of the most effective estate planning strategies to address many of these concerns is what is known as a Qualified Terminable Interest Property Trust or QTIP Trust. Essentially a QTIP Trust allows you create an A-B type of trust arrangement while restricting property left for your spouse's benefit in case things don't go according to plan. For example provisions might limit use of funds from the trust to only pay for family expenses, or might prohibit access if the spouse remarries.

The advantage of QTIP interests is that you can designate who you ultimately want to receive the assets once your spouse is either unavailable or "unworthy" to receive them. So, if your spouse were to pass on and wanted to leave property to his children from a second marriage, your QTIP trust property could instead be left to your own children or other family members. Essentially that means that you get to ultimately control the distribution of your property and under what conditions it is distributed.

Most of us will never have to worry about Anna Nicole Smith stepping in and taking our kid's share of estate property. But if that's even a remote possibility, wouldn't it be worth making sure that there's no incentive for someone to do so. I mean if your spouse were to re-marry could we at least make it so that it's not about their money? With a proper trust planning you can!

If you're curious about how to make sure your family will properly be taken care of and where your estate is ultimately going to end up, call the attorneys at Inter Vivos (801) 477-1570, to schedule a consultation.
 After all, estate planning is not only about what you own- it's about what you value.

"Let Us Earn Your Family's Trust"

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Trust Meme Blog

    Trust Meme is written and maintained by the member attorneys at Inter Vivos, PLLC as a resource for families to better understand the importance of proper planning and their planning experience.

    RSS Feed

    Categories

    All
    Asset Protection Planning
    Business Planning
    Estate Planning
    Gun Trust Planning
    Legacy Planning
    Probate/ Estate Administration
    Tax Planning

Our Links

Advisor Login
Attorney Login
Videos
E-Books
Contact Us

Our Practice Areas

Family Estate Planning
Advanced Estate Planning
Specialty Estate Planning
​Professional Planning

Our Locations

Salt Lake, UT
Detroit, MI
Las Vegas, NV
New York, NY
​Boise, ID
Seattle, WA
Chicago, IL
San Francisco, CA
Los Angeles, CA
Washington, DC
Phoenix, AZ
Honolulu, HI
Miami, FL
Atlanta, GA
Houston, TX
Intervivos