A Trust May Protect Assets in a Divorce
A trust can serve a variety of purposes, such as providing for beneficiaries well into the future. Other uses include asset management and tax sheltering. A trust can be established while the grantor and the beneficiaries are still living, or a trust can be established after death according to terms in one's will.
If you are considering setting up a trust, or if you are a beneficiary of a trust, consider the impact your divorce or your beneficiary's divorce could have on the trust itself. Likewise, if you are considering getting married and have property you want to keep separate from the marriage, a trust may be the best way to do that.
For example, a Domestic or Foreign Asset Protection Trust can protect your separate assets such as a business venture or inheritance. Consult with an experienced estate planning attorney who can outline a plan to meet your goals.
Some of the questions you should ask your attorney include:
- Can assets held in trust be considered marital property if the assets are subject to distribution?
- Can a spouse be compelled to pay alimony or child support because he or she is the beneficiary of a trust?
- Can the trust itself be compelled to make domestic support payments?
At Peterson Law Group, we are uniquely equipped to help you answer these questions and others where divorce and estate planning intersect. We have significant experience in both family law and estate planning, and can use our experience to help you achieve the best outcome possible.
If you need help navigating a marital issue, a trust issue, or both, your best course of action is to contact an experienced Bryan, Texas estate planning and family law attorney at the Peterson Law Group. To schedule a consultation, call us today at 979-703-7014 or 936-337-4681.