Leading estate planning attorney Michael Huguelet founder of the Law Office of Michael T Huguelet, PC, in Orland Park, IL outlines how to keep hard-earned assets within the family. For more information please visit https://www.hugueletlaw.com
Orland Park, IL, United States - March 30, 2021 /MM-REB/ —
Many people are unaware of bloodline trusts that protect family inheritances from being picked off or squandered, revealed estate planning and elder law attorney Michael T Huguelet founder of the Law Office of Michael T Huguelet, PC, in Orland Park, IL.
For more information please visit https://www.hugueletlaw.com
A bloodline trust – or Heritage Trust – protects hard-earned assets, and directs that those hard earned assets benefit only the people they are intended for.
“This can come into its own when protecting an inheritance if a child divorces”, Huguelet said.
When asked to elaborate Huguelet said, "An inheritance could be in serious jeopardy if your child divorces a spouse who has proven to be irresponsible. If not passed down properly, in the event of a divorce, your child and their soon to be ex-spouse might each receive half that inheritance."
Tell-tale signs from an in-law include poor money management, addiction issues such as gambling and drug habits, and failing to hold down a job.
Huguelet said a Heritage Trust ensures that your child’s inheritance is spent only in the best interests of your child. "A significant advantage is that you can appoint an independent trustee, ensuring money is responsibly funnelled into being spent on your child's health, education, and support. You control where your wealth goes.”
"A Heritage Trust is also the best way to go if your child is not great with money choices, and you don't want their inheritance squandered."
Such trusts can also offer a safety net in case of a child's death and protection against creditors and lawsuits.
He explained: "What happens if you left an inheritance to your child, who names their spouse as their primary beneficiary? If your child dies, the spouse might remarry, rename their new spouse as the new primary beneficiary, and now the inheritance may end up in someone else's hands."
Huguelet advised a Heritage Trust can be used to ensure that an inheritance is handed only to family members, such as grandchildren, in the event of a son or daughter's death.
"A properly drafted Heritage Trust can also protect an inheritance from creditors. If your child falls into debt or is sued, creditors could access your child’s inheritance if it's exposed and not in a Heritage Trust. Your child could lose 100% of that wealth, which was otherwise meant for them," he concluded.
He said: "To ensure you have all your bases covered, it is recommended to consult an experienced Estate Planning attorney."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com
Source: MM-REB
Release ID: 89003055
