This blog today will be brief because I am in a hurry this morning. This week I had a person come into my office that has a creditor concern and she is inheriting money from her deceased parent. She has a foreclosure out of Illinois and she wants to protect her inheritance money from a creditor concern.
A Revocable Living Trust has a spendthrift provision, which protects a beneficiaries money from creditor concerns such as a divorce spouse and foreclosure matter. Where as, receiving a direct inheritance from life insurance or a will provides no meaningful asset protection. In the above example, this prospect has to consider planning with the money she receives from inheritance. Possibly, this money will be protected because it is a life insurance inheritance, but at this moment, I am unsure without additional research.
Sean Robertson is an Estate and Asset Protection attorney based in downtown Chicago and Naperville, Illinois. Our main office is 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601.
Key words: Revocable Living Trust attorney, Living Trust attorney, Living Trust lawyer Chicago, inheritance planning attorney, Asset Protection Attorney, Creditor Protection Life Insurance, Cook County Asset Protection Attorney
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