law py
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • About The American Academy
    • Advantages of Working With Our Firm
    • Speaker Connection
  • How We Help
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Pet Planning
    • Remarriage and Blended Families
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Coping With Alzheimer’s
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning FAQs
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQ’s
      • Medicaid Planning FAQs
      • Probate FAQ’s
      • Trust Administration & Probate FAQ’s
      • Wills and Trusts FAQs
    • LGBTQ Resources
    • Special Needs Resources
    • Newsletters
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
  • Contact Us
  • Attend a Free Webinar

Vitt Law Offices, PLC

Helping Other People Preserve Their Wealth

Attend A Free Webinar

Call Now
(434) 971-3025

header-logo
Home » Make Sure Your Dreams Don’t Turn Into Nightmares

Make Sure Your Dreams Don’t Turn Into Nightmares

July 31, 2011 by Vitt Law

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Parents dream many dreams for their children.  These dreams often incorporate hopes that their kids will get a good education, embrace fulfilling careers, keep their good health, and find happy, stable marriages. Sometimes reality can play out more like a nightmare in this last instance, however, as more and more marriages end in divorce.

Even when our children have grown into the independent adults we have encouraged them to be, we still want to shield them from the worst nightmares of real life. The loss of family wealth through a divorce settlement is a trauma that can be mitigated, or avoided altogether, through the use of a Divorce Protection Trust.  When you leave your assets to your heirs using this type of Trust, that inheritance is not distributed outright, but the funds can still be used at your heirs’ own discretion. Since it is held in trust, the inheritance does not become marital or community property; therefore, in most states, no part of the inheritance is lost in a divorce.

You can also protect your children from the financial consequences of your spouse remarrying after your death. By sheltering the maximum amount that may be left free of estate tax for the benefit of your spouse and/or children in a Family Trust, rather than distributing assets outright, you can provide access to both principal and income for their needs. The assets in the Family Trust will be free of estate tax at your spouse’s death. A Marital Trust can also be set up to receive assets in excess of the maximum allowable funding of the Family Trust. You decide if your spouse can access the principal of the Marital Trust for specific purposes, or if they are entitled to income only.  In either case, the remainder of the Marital Trust will ultimately reach your own children and will not be available to the new partner of your surviving spouse or that partner’s family.

While you can’t ensure that your children’s lives are nightmare-free, through thoughtful estate planning, you can ensure that your heirs have the comfort of the inheritance you intend for them. An experienced estate planning attorney can help protect your kids from the financial consequences of divorce and remarriage.

Primary Sidebar

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Address
Texting Permission

SUBSCRIBE TO OUR E-NEWSLETTER

Address
Texting Permission

Where We Are

Vitt Law Offices, PLC
880-A Rio East Court
Charlottesville, VA 22901
Phone: (434) 971-3025

Map

OFFICE HOURS

Monday8:30 AM – 6:00 PM
Tuesday8:30 AM – 6:00 PM
Wednesday8:30 AM – 6:00 PM
Thursday8:30 AM – 6:00 PM
FridayClosed

Footer

  • About The Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us
  • Facebook
  • LinkedIn
  • Twitter
Logo

Vitt Law Offices, PLC

© 2023 American Academy of Esate Planning Attorneys, Inc.

© 2023 American Academy of Esate Planning Attorneys, Inc.