Leading Estate Planning Attorney Fred Haiman Reveals Secret To Keeping Your Inheritance Safe- Frisco, TX

In a recent podcast episode, top-rated estate planning attorney Fred Haiman, founding partner at Haiman Hogue PLLC in Frisco, TX, outlines ways to protect an inheritance against potential risks. For more information please visit https://www.haimanhogue.com

Frisco, TX , United States – February 4, 2021 /MM-REB/ —

In a recent podcast episode, top-rated estate planning attorney Fred Haiman, founding partner at Haiman Hogue PLLC in Frisco, TX, revealed ways to protect an inheritance against potential risks.

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

When asked for a comment, Haiman said, “One of the biggest things that we see is that people don’t realize the risk they’re taking and the risks they’re putting on their children if they leave their inheritance outright to their child in a Will.”

In 90% of cases, a Will must go through probate so that it can be authenticated by the courts. Haiman further pointed out that this creates a liability.

“Most Wills have to go through the probate courts in the legal system, and that is a public process for anybody to read. So, in essence, if I leave my children everything through my Will, the probate system tells the entire world that I left my children money so they can be preyed upon by bad people,” he explained.

Putting into place proper legal mechanisms such as a Family & Money Protection Plan (also referred to as a Treasure Chest or Living Lock Box) in addition to a Will can safeguard an inheritance in a number of situations.

When asked to elaborate, Haiman said, “When setting up a Family & Money Protection Plan properly, your children’s inheritance stays in the ‘Treasure Chest’. And as long as the money is in the Treasure Chest, it shields the inheritance from being taken away in case the children are ever sued, get divorced, go through bankruptcy or have creditors coming after them.

Furthermore, a Family & Money Protection Plan allows one to customize the plan for their children, particularly if they have poor spending habits or are prone to other bad behavior.

Haiman continued by telling listeners, “Unfortunately, some of us have that child that if you give them a dollar, they’re going to spend two dollars. We want to put some protections in place so they don’t blow all their money.”

To continue imparting values to children after passing, Haiman further stated that it’s possible to create an incentive program, such as setting the condition that children must go to college in order to access the funds in the estate.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com

Source: MM-REB

Release ID: 88995900