Family Planning
In our practice, we have helped many families protect their assets from being decimated by divorce, creditors, bankruptcy and the opposing attorneys.
For example, take a family with 3 children, of which 2 are married. The parents desired to pass on an inheritance to their children. In our discussions with them we offered several solutions. The main one was that we created a trust for the 3 children so that each has their own and do not have to get permission from each other on accessing and spending their money. These trusts solve the parents’ problems of inheritance issues, asset protection, and keeping the money in the family regardless of divorce of the children.
In a different family, the challenges centered around a successful family business. In a separate case, the family challenges were more difficult. Mom and Dad own a successful business with only 1 of their 2 children in the business. Their daughter is married and neither her nor her husband are working in the family business. With Mom and Dad in their seventies wanting to retire and give their business to their son, their dilemma is how they make it fair to their children. Is fair always equal? No. Is equal always fair? No. Fair is not always equal and equal is not always fair. We solved this problem for them with family planning uniquely matching their particular situation.
In yet another situation, we ask the difficult questions to solve the family's problems. We have a couple on their second marriage. Each has children from their first marriages. They have been married to each other now for 23 years and they face a challenge/problem. What if one spouse passes? Who and how will the surviving spouse take care of ALL the children? Do you expect your spouse of 23 years to go to your grown adult children from your first marriage for their money? How many lawyers will be solving this problem for your family when you are gone? With creative planning and solutions tailored for this particular family, we solved this problem before it became a tragedy.
