Examples of Estate Planning Protecting Your Heirs.

From Our “Ask a Question” Mailbag: “Please give me Examples of Estate Planning Protecting your Heirs.”

Protect Your Heirs

Examples of Estate Planning Protecting Your Heirs:

• Example of an Education Trust Protecting Your Heirs.

  Mrs. Philadelphia wished to make sure her Grandchildren had enough money to pay for college. She instructed her Estate Planning Lawyer to include an Education Trust in her Will.  At her death, her executor funded the trust.  The Trust’s terms limited the money’s used to paying only college tuition directly to the institution.  Mrs. Philadelphia’s daughter, Mrs. Fishtown, wanted to use the inheritance to purchase furniture and light fixtures for her new Delaware Riverfront home, which would have left Mrs. Philadephia’s grandchildren without any funds for education. The trust prevented Mrs. Fishtown from depleting the trust, and the trust provided Mrs. Philadelphia’s grandchildren tuition for their education.  Follow this link for more information about Education Trusts. 

• Example of a Dynasty Trust Protecting Your Heirs.

  Mr. Philadelphia had his Estate Planning Lawyer draft a Will that formed Dynasty Trusts for his descendants.  At his death, his estate poured into equal trusts, one for each child.  His son, Philly, was involved in a divorce. Because of the funds being in the protective trust, they were not included as Marital Property.  His daughter, Mrs. Washington Square, died soon after subject to many creditors claims. The money in her trust continued in trust for her children, sheltered from her creditors’ claims. Follow the link to learn more about Dynasty Trusts.

• Example of a Pet Trust Protecting Your Heirs. 

  Mrs. Rittenhouse had her estate planning attorney include in her Will a Pet Trust.  At Mrs. Rittenhouse’s death, her trusted friend found her dog Quaker a new home close to Rittenhouse Square, so Quaker still played with his friends and had the same dog walker. The trustee provided funds for Quaker, so he had insurance, was well fed, and visited the same Veterinarian.  Follow this link to learn more about Pet Trusts.

• Example of a Special Needs Trust Protecting Your Heirs. 

  Mr. Philadelphia’s son Philly is autistic and eligible for needs-based government benefits. At his death, Mr. Philadelphia wishes to provide for his son but does not want to disqualify his son from his needs-based benefits. Mr. Philadelphia’s Estate Planning Lawyer incorporates a Special Needs Trust into his Will.  The funds in this trust are available for Philly’s care but do not disqualify him from government-provided needs-based benefits.  Follow this link to learn more about Special Needs Trusts.

In Conclusion: Examples of Estate Planning Protecting Your Heirs.

I hope these Examples of Estate Planning protecting your heirs were useful. We are always happy to brainstorm with you about your own, unique situation. 

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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