When Parents Don’t Like Their Child’s Spouse #estateplanning #assetprotectionplanning

28 Apr 2023 · 1 min

Watch on YouTube

0:45

In this video, Jerry Taylor addresses parents’ concerns that their child's new spouse might inherit their assets, especially if the child predeceases them. He explains that a protected irrevocable trust can be used to keep the assets out of the spouse’s reach. Upon the parents’ death, all assets are placed into the trust, and two distribution strategies are offered: (1) the child receives periodic payments from the trust, and upon the child’s death the remaining assets go to beneficiaries chosen by the parents; or (2) the trust retains the principal, pays the child any income generated, and after the child’s death the entire trust principal passes to the parents’ selected beneficiaries. He concludes with a call to action to join his “Max Your Money” community for more guidance.

Chapters

We don't want our son's new wife to get our money. For whatever reason, clients aren't always happy with the spouses that their children pick. And they're concerned that if something were to happen to their child, their money would go to that child's spouse. And if that spouse had previous children of their own, their money would go to them. Here are two ways that can be avoided. At the parent's death, everything would go into a protected irrevocable trust. And then one of two things would happen. The money would be paid out to the child over a period of time. And at the child's death, go to anyone that the parents pick, or that money stays in the trust and any income created goes to the child. And at the child's death, everything in the trust would go to people picked by the parents. If you want to learn more like this, go to my profile page and click on the link to join my Max Your Money community.