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People frequently ask me how to protect assets. My answer is the best way to protect inherited assets from future creditors and ex-spouses of children and loved ones is an irrevocable life-time asset protection trust created by a parent or a trust maker for children or loved ones. This is the type of trust we draft when people purchase our estate plan with a trust.
A future beneficiary is a person, people, trustee of another trust or entity that that will become the current beneficiary or beneficiaries if all current beneficiaries were to die.
In this field describe in detail all assets owned by the trust that are your separate property. For the Disclaimer to be effective with respect to an asset the asset must be listed and described in an exhibit to the Disclaimer we will prepare based on the information you put in this field.
Note: If you are married and your spouse is not a current trustee and you were to die or become incapacitated the successor trustee provisions in the trust agreement will determine who can become the trustee and that person will have to hire an estate planning attorney to prepare the documents needed to become the successor trustee.
Naming a 2nd successor or 3rd successor trustee is optional. The 2nd successor trustee(s) is the person or people who will become the trustee or co-trustees and have control of the assets held in the trust if: (i) the initial trustee or both initial trustees die or become incapacitated, and (ii) the 1st successor trustee or trustees cease to be a trustee or is or are not able to become the trustee.
Note: You can name two or more people to be co-successor trustees who serve simultaneously.
You must name a 1st successor trustee or co-trustees Additional successor trustees are optional.
If you name a 2nd current beneficiary that person must be the spouse of the 1st current beneficiary.
Your current future beneficiary or beneficiaries is/are named in Article 6 of the trust agreement. If Article 6 of your trust agreement does not correctly name who you want to be the future beneficiary or beneficiaries and inherit the trust assets then you need to amend your trust agreement and name the future beneficiary or beneficiaries of the trust.
1. All to my/our children equally
2. All to my brother Homer Simpson, but if he is deceased then all to my sisters equally
3. My LLC goes to my children equally and my home goes to my spouse Marge Simpson, but if she is deceased then my home goes to my son Bart Simpson
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