Top Estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA reveals the importance of bloodline trusts to protect family inheritances. For more information please visit https://www.brumfieldlawgroup.com
Bakersfield, CA, United States - November 1, 2021 /MM-REB/ —
Many are still unaware that bloodline trusts can protect family inheritances from being squandered or picked off, disclosed estate planning attorney Robert H Brumfield.
For more information please visit https://www.brumfieldlawgroup.com
The founder of the Bakersfield, CA, Law Offices of Robert H. Brumfield, P.C., explained how a bloodline trust, also known as a
Heritage Trust, works in directing hard-earned family assets only to those they are intended for.
He elaborated: "This comes into its own when protecting family assets if a child divorces. An inheritance could be in serious jeopardy if your child divorces a spouse who has proven to be irresponsible, either through poor money management, addiction issues, or failing to hold down a job."
If family assets are not adequately protected, the soon-to-be ex-spouse could be entitled to half that inheritance.
"You control where your wealth goes under a Heritage Trust," Brumfield said. "It ensures a child's inheritance is spent only in their best interests. A significant advantage is appointing an independent trustee to ensure money is responsibly funnelled towards your child's health, education, and support."
He said: "A Heritage Trust not only works to prevent an inheritance being squandered if your child is not great with money choices, but it also offers a safety net in the event of a child's death and protection against creditors and lawsuits.
"If your child falls into debt or is sued, creditors could have access to your child's inheritance if it's not protected within a trust. Your child could lose 100% of that wealth."
He explained: "What happens if you left an inheritance to your child, who then names a spouse as their primary beneficiary? If your child dies, the spouse might remarry, rename their new spouse as the new primary beneficiary. Suddenly, that inheritance could fall into someone else's hands."
You can use a trust to direct assets to family members, such as grandchildren if a son or daughter dies. "To ensure you have all your bases covered, consult an experienced Estate Planning attorney to discuss the benefits of a Heritage Trust," he concluded.
source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com
Source: MM-REB
Release ID: 89049959
