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Asset Protection Planning for Your Children

March 11, 2011 by John Potter

With asset protection planning, you are able to protect the assets that you give to your children during your lifetime and after your death.  Creditors can take your children’s personal assets, but with careful planning the assets that you give to them can be protected from divorce, lawsuits, and bankruptcy.

Divorce

Divorce is more common than most people think.  An in-law can quickly become an outlaw.  If you have given your child assets, these assets can be subject to a divorce property distribution.

This means that your child’s ex-spouse may get these assets.  If you protect these assets, they will remain untouchable.

Lawsuit

It is often impossible to insure against settlements and verdicts because they are so costly.

If your child is sued for causing a serious car accident or for being involved in a medical malpractice case, his or her insurance may not be able to cover the settlement or verdict.  In this situation, your child’s personal assets can be taken.

However, you can provide protection against creditors for assets you give your child.

Bankruptcy

Bankruptcy can be the result of a number of circumstances such as a business failure, job loss, and problems handling money.  If your child is involved in a bankruptcy proceeding, almost all of his or her assets can be taken.

Asset protection can keep these your assets in your child’s hands.

How to achieve asset protection

It is important to consider giving gifts that are protected, including giving gifts in trust.  A trust can limit the permitted uses for assets — for example, trust assets might be used for education, health care, and support for your child.  By doing this, you can limit creditors’ access to these assets.

If you have questions about how to protect gifts to your child with asset protection planning, consult with an experienced estate planning attorney.

  • About
  • Latest Posts

John Potter

Latest posts by John Potter (see all)

  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
  • What are the Advantages of an Irrevocable Trust? - February 14, 2019
  • Charlotte Medicaid Attorneys Explain How to Protect Healthy Spouses - February 11, 2019

Filed Under: Asset Protection Planning, Estate Planning Tagged With: Asset Protection Planning, Esstate Planning

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Testimonials

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
David J.
Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS
My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian

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1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
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