Martha Patterson understands that it is not unusual for someone to want to help a loved one who is facing money problems by leaving an inheritance to the person. Martha also understands that often people with money problems are not good at handling money, and that creditors will often reduce the amount owed when forced to deal with a third party.
When you have money to leave a person with money problems, you can establish a trust. A trust will protect the money you leave, while the trustee who is NOT the beneficiary can make sure that creditors are paid the minimum amount possible. A trust will also ensure that the inheritance is managed in such a way that the beneficiary has money for their needs, and the inheritance is not eaten up by creditors or predators.
As an attorney with over 30 years of experience, Martha has seen beneficiaries of “spendthrift” trusts thrive, with many increasing their wealth and learning from their trustee money, gaining life management skills that have improved their life. Others have been grateful that someone cared enough to protect their inheritance so they could not make mistakes. They understand that those mistakes could cause them to lose money that could help them with the necessities of life — in some cases, literally making sure that the beneficiary always has a place to live and food to eat, and that the credit card companies were never able to touch the trust.
Spendthrift trusts are a powerful tool. Seek the expertise of an experienced estate planning and elder law attorney to assist you in setting up a trust that will protect the inheritance you leave so that the money is safe from creditors, any predators and even divorces.
If you have debts, you need to be very careful before trying to protect your assets. Bankruptcy courts will look at every transfer and even purchases and determine if you have attempted to defraud your creditors. Asset protection for yourself or your business needs to be completed before you have debt. Turn to Geisler Patterson Law for assistance with strategies to protect individuals and businesses with asset protection.
If you wish to protect your assets so that the inheritance you leave is not destroyed by creditors, predators, or the divorce of a beneficiary, contact Geisler Patterson Law today!