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Colorado Estate Planning Blog

Thursday, July 21, 2016

DO YOU WANT TO PROTECT YOUR HEIR’S INHERITANCE FROM DIVORCE AND/OR CREDITORS?

      An outright inheritance to a child exposes that inheritance to a greater risk of loss. With a 50% divorce rate, multiple marriages, lawsuits and economic instability, your child’s inheritance is more vulnerable to unexpected loss than before. The money you leave your daughter may never reach your grandchildren.

    Many people haven’t thought about protecting the family money once it is inherited by their child. Usually because they have “good” children with no “problems” and don’t think they need this type of protection. Unfortunately, even a good child may encounter unexpected problems such as: an auto accident severe enough that even the highest amounts in insurance coverage aren’t enough; she could die and, unless she has a prenuptial agreement, her spouse will inherit your money instead of your grandchildren; or she may hit hard economic times and lose it in bankruptcy or to creditors. The list of very possible scenarios goes on and on.

    Your daughter may not be able to protect herself, but you have the power to do what she can’t do. With special provisions in your estate plan you can protect her inheritance from such problems. Without proper planning, if your assets are distributed outright to your daughter and they may not be protected for your grandchildren.

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Sommers Law Group, LLC assists clients throughout Denver, Jefferson County, and Arapahoe County, Colorado.



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