I think it's inevitable that my daughter and son-in-law will go their separate ways. He's a green-card holding immigrant that I'm still confident married my daughter to maintain his visa. He is also a high income / low asset spendthrift. As a mid 20's kid, he has already owned a brand new M6 Convertible, TWO brand new X5M's, an insane brand new boat, jet skis, etc..
Things disappear and something better appears every 6 months.
I have no plans on leaving this world soon, but have a fear that he would be able to gain our substantial assets, and leave my daughter high and dry.
I understand the negative tax consequence of a trust, but I can't think of another way to protect the assets from the inevitable separation of these two individuals.
We used to have our trust documents set up to protect the surviving spouse, but now we see a bigger concern being protecting the assets for our daughter once she is divorced.
Thoughts?
Things disappear and something better appears every 6 months.
I have no plans on leaving this world soon, but have a fear that he would be able to gain our substantial assets, and leave my daughter high and dry.
I understand the negative tax consequence of a trust, but I can't think of another way to protect the assets from the inevitable separation of these two individuals.
We used to have our trust documents set up to protect the surviving spouse, but now we see a bigger concern being protecting the assets for our daughter once she is divorced.
Thoughts?