Today, I helped a man and his wife from Dallas, Texas. They have accumulated a real estate business that is worth $5-6 million. They have one child, a son, who is in his late 40’s. The son has 2 children from his first marriage and is engaged to a girl that has 3 children from her first marriage. They are NOT fond of the new fiancé and want to make sure that she doesn’t wind-up with their estate or assets. They really like the fiancé’s 3 children but don’t want their estate to go to them either. They want to make sure that it is preserved for their son and his kids rather than his new wife and her kids. And, they don’t feel guilty or selfish in handling it this way since they understand that the fiance’s ex-husband is wealthy and has already done some estate planning for his 3 kids.
They are more concerned, though, that that if his son received this large estate all at once, then it might do more harm than good, because he has always spent more than he has had. So we discussed arranging an estate plan so that after the husband and his wife pass away, the estate will remain in trust for the benefit of the son. The son will receive annual distributions from the Trust. When the son passes away, the remaining assets will remain in the trust for the benefit of the son’s 2 children. The new daughter-in-law would not inherit or receive anything from them, nor would her 3 children.
You too, can make sure that your assets stay in your family, and out of the hands of new spouses and their children by reaching out to us. Contact us so that we can have a conversation about how simple it is to get things set up the right way - the first time.
Call us at 214.220.2130.
Donald R. Jones