Legacy Trust: A Premarital Planning Tool
A legacy trust is an essential estate planning tool for professional people. Doctors, lawyers, psychologists, business owners and other individuals can benefit from the asset protection that is provided with legacy trusts. With a legacy trust, these individuals ensure that creditors are not able to come after funds that they have worked hard to accumulate in their lives.
Family lawyers AZ can help you to create a legacy trust. A legacy trust will ensure that creditors are not able to attach liens to property that is in the trust. You should make sure that the estate does not have any property that is considered a fraudulent conveyance. If a judge finds that property in your estate is considered a fraudulent conveyance, then he or she may allow this property to be disbursed to creditors. If there are any fraudulent transfers in your trust, then the property will not be protected from the hands of creditors.
An Arizona divorce lawyer can also help you to protect your assets during a divorce proceeding. You may be concerned that your former spouse will attempt to gain control of all of the assets accumulated during a marriage. With the help of an Arizona divorce lawyer, you can protect your funds from a former spouse. The legacy trust is an effective tool for young people to use in the event that they experience a divorce. Funds may not be taken from the legacy trust without permission of the court to provide for spousal support. The legacy trust offers a major advantage to spouses who wish to protect any funds that they have accumulated prior to a marriage. They will not automatically have to give these funds to provide for spousal support after a divorce.
It is in every spouse’s best interest to do some financial planning before a marriage. One can never tell what may happen in a marriage in the future. If a divorce does happen, it is important for spouses to be protected. The living trust provides the maximum amount of protection for a spouse and his or her assets. It also does not carry the same negative connotation that a prenuptial agreement has.
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