Why You Need to Know about Asset Protection

James Zakasky
An estate attorney who goes beyond drafting wills and creating trusts

The divorce rate in California is over 50%.

That means that if you have two children the likelihood that one of you kids will get divorced is extremely high.

How comfortable are you with the idea that your ex-son in law will get your property after a divorce?

If you give an outright distribution to your child, the chances are high that property will become community property. Once the distribution becomes community property, your child no longer owns the property they merely have an interest in that property subject to a Judge’s ruling.

So how do I make sure that I protect my child from Divorce?

First, do not give property outright to your children. A discretionary Trust can be set up so that property distributed to a child goes into Trust. This property is protected by the Trust and kept separate from a spouse.

Second, Use an independent Trustee to use as a shield against divorce, creditor and lawsuits.

Third, consult an Attorney that understands not only the Assets that you control but the laws that can assist you in protecting your Assets from predators.

We are extremely fortunate to live in a Country that has laws that protect your rights. Make sure you understand these rights and take full advantage of them. 

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