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| HOW TO DISINHERIT YOUR SON-IN-LAW Most planners intend for their own family to receive the benefits of any inheritance. While most of them harbor no animus for their in-laws, they generally want their own heirs to in herit. Unfortunately, assets are often scattered among direct descendants and in-laws. In many cases, the assets wind up outside the family because of a divorce or an untimely death in the next generation. If you want your assets to benefit only your children, grandchildren and great-grandchildren, you may want to create a trust that protects their interest. Such a trust is sometimes called a Protect Assets for Kids Trust (PAKT). You can create this trust and direct that it is to benefit "only my issue." By including this phrase and by directing the trustee to pay out only certain benefits to the heirs while retaining the corpus or body of money, you protect the estate. By including this phrase ... and by paying close attention to the other details of the trust, you can create a trust that will never pay out any benefit to a son-in-law or daughter-in-law. You can, thus, "Divorce-Proof" your estate plan. You can guarantee that your assets will not be lost in a divorce of your children, grandchildren or great-grandchildren. You can then list the kinds of benefits that you want your heirs to receive. These might include health, education, disability protection, educational travel, etc. Once the trust is created, you can fund it by lifetime gifts and by a final gift from your will or from your living trust at your death. Many planners make a final distribution from such a trust to their charitable causes. If you, for example, wanted "The Foundation" to benefit at the end of your trust, you can instruct your attorney to draft the trust in that manner. |
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