As the holiday season approaches, the thoughts of many turn to family. It is a season of picking out gifts and planning celebrations for loved ones.
This time of year can also be a reminder to consider long-term planning for our loved ones, and to consider the gifts that can last not just a season, but for generations.
For all adults, but especially those lucky enough to have children, grandchildren, or a close extended family, the Family Protection Trust™ (FPT) can ensure that any assets left to loved ones are protected and tax implications are minimized.
An FPT allows the person creating it to design the distribution structure so that assets can continue to benefit not just children, but also grandchildren and great-grandchildren. In addition, the assets in the trust will not be taxed upon the death of a child, so the assets will not be dramatically reduced for each succeeding generation as they would be in some other inheritance plans.
Another benefit of the FPT is the protection it provides from unexpected attack by creditors. Even if family members are financially responsible, an unexpected accident, illness or divorce could leave traditionally willed assets at risk. Assets held in an FTP have a high level of protection from creditors. Best of all, some say, is protection of inherited assets in the event of a divorce. An FPT serves as a pre-nuptial agreement for kids and grandkids.
Your children’s return home and visits from other family members may offer an ideal time to talk together about planning for the future. Hopefully, this holiday season will be full of fun and happy moments for you and your family.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.