1. Clients often want to gift their estate to a child in a will but want it to be protected from the child's spouse in case of divorce. How can this be done or can it be done at all? Does the child lose any protection by spending the money on property or items for the family? 2. Is an executor of a will entitled to any compenation for performace of duties if the will is silent? and finally... 3. Where can I learn more about setting up an llc to protect a landlord who owns a rental property? Thanks for your time and help.
1. Clients who want to gift their estate to a child under their will can protect the inheritance from the child's spouse in case of divorce by bequeathing the assets in a trust. This is affectionately referred to as an "Inheritor's Trust". See my book, Shenkman Inherit More published by John Wiley & Sons, Inc. As the trust makes distributions, especially if those funds are spent on property or items for the family that may add to the lifestyle that becomes the standard in a later divorce (but there are contrasting views depending on the state and applicable law). Also, nothing is 100%. If the child has substantial wealth in a trust and the ex-spouse and children need funds, the court may endeavor to count trust income as somehow attributable to the child. Some of this can be addressed in how the trust is drafted/structure. 2. The executor of a will is entitled to compensation for performance of duties if the will is silent based on what state law provides. See Shenkman The Complete Probate Guide, published by John Wiley & Sons, Inc. 3. Where can I learn more about setting up an LLC to protect a landlord who owns a rental property? Shenkman, Starting Your Own Limited Liability Company, published by John Wiley & Co. Thanks for the opportunity to plug 3 books!
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