QUESTION
Where can I place my assets and life insurance policies for my daughter and partner in the event of my death?
Asked on Mar 12th, 2014 on Estate Planning - Idaho
More details to this question:
In the event of my death, where should I put my assets and life insurance policies? My situation is that my partner is in federal prison and will owe restitution. I also have a daughter, but in the event that I die I need to make sure my partner is taken care of. Is there a place where it could be protected? Or do I have to place it in a trust for my daughter? Thanks.
13 ANSWERS
Edwin K. Niles
Lots of issues here; you need to have a sit-down with an estate planning lawyer.
Answered on Mar 13th, 2014 at 6:08 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I don't think it's a trust for your daughter that you are thinking of; you could leave things to your daughter outright in your will. You might consider a trust for your partner. The term "partner" is not really a sufficient description to think through the planning process.
Answered on Mar 13th, 2014 at 1:16 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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You can create a Living Trust to hold your assets. On your death the assets in the Trust could benefit your partner and your daughter in whatever proportion you deem appropriate. The Trust could have a spendthrift clause that would prevent creditors from executing a judgment against the principal in the Trust. The life insurance death benefit should either go into the Trust for liquidity purposes or go directly to your daughter. If paid to the partner then creditors could execute against the asset once within your partner's control.
Answered on Mar 13th, 2014 at 8:22 AM
All situations are different. I do not have enough information to make a recommendation. It sounds like a trust might take care of both of your wishes, but, please, talk to an Estate Planning Attorney.
Answered on Mar 13th, 2014 at 7:17 AM
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The great thing about estate planning is that there are many vehicles in place to allow you to take care of your loved ones after your passing. In your case, I believe you are worried about taking care of both your partner and your daughter, but also if you do give your partner assets, protecting those assets from creditors. For your partner, you could create a spendthrift trust, which would protect creditors from reaching the funds in the trust that is left for the benefit of your partner. For your daughter, I would keep her as a beneficiary for those life insurance policies, and those insurance policies would not have to be placed in the trust. To get a fuller picture of your wishes, it would be good to sit down with an attorney to go over all your assets and how you exactly wish your assets to pass at your death. Many of these consultations are free of charge.
Answered on Mar 13th, 2014 at 7:10 AM
The best place to put it is into a trust for your child.
Answered on Mar 12th, 2014 at 10:27 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you seek the services of an estate planning lawyer, particularly for your daughter.
Answered on Mar 12th, 2014 at 10:17 PM
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You will need an estate plan. Most likely a will, trust and life insurance.
Answered on Mar 12th, 2014 at 9:50 PM
Thomas Edward Gates
Because of the restitution requirement, it would be best to create a Trust for your daughter and partner. The Trust must have a spendthrift provision. Your partner cannot be the Trustee since they are a felon. You can consider identifying a beneficiary for your life insurance, retirement accounts, etc. This will permit those items to avoid probate. But, if your daughter is under 18 yrs at the time of your death, it would have to go into a Trust. And, your partner's benefits must not go directly to them, else it will have to go towards restitution.
Answered on Mar 12th, 2014 at 9:20 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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A trust is the only thing that really makes sense in your situation. You should have an attorney set this up for you, to make sure that it is done right. Otherwise, your loved ones' inheritance would be at risk.
Answered on Mar 12th, 2014 at 9:20 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney, express your desires and all of the circumstances and learn you options, and their advantages and detriments.
Answered on Mar 12th, 2014 at 9:19 PM
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You need to do a trust. There is no other realistic way to protect your partner long term.
Answered on Mar 12th, 2014 at 9:19 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Why not in trust for your partner, with the remainder to your daughter.
Answered on Mar 12th, 2014 at 9:18 PM