Nov 02, 2014
By Rick Law, Senior Partner, Law Elder Law LLP
Many times, when things are cheap and easy at the beginning, they become extremely expensive and difficult when the chips are down.
In a recent case the court gave $72,980.67 (100% ) of son’s inheritance to his creditor, Community Bank of Elmhurst. The court said that as soon as the inheritance became available to the son, that money was immediately due and payable to the creditor-bank. Don’t let this happen to your inheritance!!
Are you worried about how to properly create an estate plan to protect your adult child who has one of those concerns? If so, then you need to contact us. We know the rules that can protect your inheritance to your adult child.
In Community Bank v. Klein, a child’s inheritance could have been saved had Mom established an asset protection trust to receive the inheritance and protect her adult son. We call this a Love & Protection Trust. Sure, up-front, it’s going to cost more money than just getting some form, but as this case points out, the investment in high-quality estate and asset protection is much lower than losing 100% of what you plan to leave to your son or daughter. In this case, Mom left Junior $72,980.67 which was immediately taken by the creditor, The Community Bank of Elmhurst. Don’t let this happen to you and your family.
We know the rules! Call us today at 630-585-5200
“You don’t have to leave your family a lot of money. You really don’t have to leave them anything.
Just don’t leave them a mess.
Law Hesselbaum has made sure we won’t leave our family with a mess.”
M. C., Client of Law Hesselbaum and Law Elder Law