Protecting Assets Gifted to Your Children

So you want to pass on some assets to your child without their spouse being able to have any control over these assets? Why would you want to do that? Well, the truth is, most parents can see the problems in their children's relationships far in advance than the couple that are actually in the relationship. Of course, you have your child's best interest in mind and if you witness behavior from a spouse of your child that would lead you to believe that he or she may be unfaithful or just overall controlling of your child's affairs, you would want to protect them. While you may not have any control over the relationship itself, what you can control is how your gifts and assets to your child are transferred to them.

Creating a trust for the benefit of your child is a great way to make sure assets go directly into your child's name and will not be held jointly with someone you find less than desirable. In the trust the assets can be safe from being seized during a divorce or just being mishandled and used for purposes such as supporting a drug addiction.

You could even go one step further in protecting the assets by appointing a professional trustee to serve as sole trustee, or even as joint trustee along with the child who's name the trust has been set up for.

For more information on setting up trusts and trustees, please contact our offices of qualified professional Estate Planning Attorneys.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.