Leading Elder Law & Estate Planning Specialist Dennis Toman Reveals Benefits Of A Bloodline Trust – Greensboro, NC

Top Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC outlines an essential checklist of things to do in the probate process. For more information please visit https://www.elderlawfirm.com

Greensboro, NC United States – October 29, 2022 —

Elder Law Specialist Dennis Toman disclosed this week that many people are still unaware of the advantages of creating Bloodline Trusts that can prevent family inheritances from being squandered.

For more information please visit https://www.elderlawfirm.com

The Founder of The Elderlaw Firm, Greensboro, NC, explained that a Bloodline Trust also referred to as a Heritage Trust, works in distributing hard-earned family assets only to those they are intended for. 

A Trust comes into its own if a child divorces. If family assets aren’t adequately protected, a soon-to-be ex-spouse could be entitled to half their former partner’s inheritance. 

“Those family assets could be whittled away, especially if a former spouse is irresponsible either through poor money management or has addiction issues,” Toman asserted. “Through a Heritage Trust, you control where your wealth goes, so a child’s inheritance is only spent in their best interests.”

This can help where a child is not great with money choices. One significant advantage, for example, is appointing a third party, the responsible trustee that ensures assets are not wasted or spent frivolously.

Even for a child who can make good financial decisions,a Heritage Trust protects assets from possible creditors and lawsuits, and acts as an added safety net in the event of a child’s death.

Toman said: “If your child falls into debt or is sued, creditors could take inheritance assets if a trust does not adequately protect them. Ultimately, your child could lose that wealth. You have the power to prevent that, and that’s a tremendous gift to your child.”

What happens if you leave an inheritance to your child, who then names a spouse as their primary beneficiary? If your child dies, the spouse might remarry, name their new partner as the new primary beneficiary and, suddenly, that inheritance could divert into someone else’s hands.  

Toman elaborated: “If a son or daughter dies, you can use a trust to direct assets to family members, such as grandchildren. Before committing, consult an experienced Estate Planning attorney to discuss the benefits of how a Heritage Trust can work in your family’s favor.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com

Release ID: 89083595

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