From Our “Ask a Question” Mailbag: Can a Trust Protect a Collection?
Most Recently Updated August 9, 2018.
“Over the years I have put together an extensive watch collection. My wife and I recently had a son, and I wish to leave him the collection. Is it possible to leave him the collection in Trust? Can a Trust protect a collection inheritance?”
Can a Trust Protect a Collection
Yes! Pennsylvania and New Jersey have both in recent years passed trust acts that allow residents to form flexible, protective trusts for inheritances. Therefore, You can certainly leave your son the watch collection in Trust. In fact, you should leave him his inheritance in Trust.
Visit my website for more information about Irrevocable Trusts.
A Trust to Hold an Inheritance Provides Protection.
The world can throw your son a lot of curve balls. Luckily, in both New Jersey and Pennsylvania it is relatively easy to craft a Trust to hold an inheritance that provides protection from some of these potential problems. This includes protection from divorce and creditors. Further, a Trust can help make sure a legacy stays in the family. For example, a Trust can hold the inheritance and require that at your son’s death, the watches pass to your grandchildren. The Trust can also allow your child to modify or end the Trust. Depending on how much flexibility you wish to give your son, the Trust can also be easy to manage and almost cost-free.
The Protective Trust Can Be Easy to Manage and Inexpensive.
I can draft a Trust in many different ways to address a multitude of situations. While some cases require a corporate trustee and much oversite, others require little involvement and low cost. Therefore, I could prepare a Trust to address your concerns and your circumstance. Let’s brainstorm ideas!
More Planning Questions?
The protection of a collection is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Can a Trust Protect a Collection
I hope that this article was helpful in explaining collection protection. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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