The "Old Way" of Estate Planning
In most Living Trusts, beneficiaries receive their inheritance "outright" - - either immediately after you're gone, or over a certain period of time, or at certain ages. In other words, your assets are distributed out of your Trust right into the names of your beneficiaries. Unfortunately, by "owning" their inheritance, your beneficiaries are then needlessly exposed to the claims of spouses in divorce, creditors, lawsuits, the loss of government needs-based benefits, and potential estate taxes when their inheritance is handed down to the next generation of beneficiaries.
The "New" and Better Way
Instead of receiving their inheritance directly, each of your beneficiaries may instead receive their inheritance in a special trust, which springs out of your Living Trust. This continuing "Beneficiary Controlled Trust" can be controlled by each beneficiary in such a manner as to virtually give him or her all of the same rights as ownership, without the liability exposures ownerships brings.
How the "Beneficiary Controlled Trust" Works
The beneficiary may be his or her own initial Trustee in control of his or her own "Beneficiary Controlled Trust." The beneficiary may control the investing of his or her inheritance, how and when it is distributed and even who may receive it when that beneficiary passes away (if you wish, this right may be limited, such as only to your lineal descendants). The level of asset protection needed may be determined by the beneficiary after you're gone with the advantage of "20/20 hindsight," looking at the beneficiary's circumstances at that time. For example, if a moderate level of protection is appropriate, an independent Co-Trustee or sole Trustee may be brought in to sign on distributions. Or, if a greater level of asset protection is needed, an independent "Trust Protector" can "lockdown" the Trust even more tightly from the attack of third parties. In either case, the beneficiary may continue to indirectly control his or her inheritance, while enjoying additional asset protection.
We Didn't "Invent" It
The "Beneficiary Controlled Trust" is based upon over 100 years of Asset Protection Law. The Goralka Law Firm merely adapted and "incorporated this technology" into our Living Trust. The "Beneficiary Controlled Trust" is not what other attorneys may commonly refer to as a "Generation-Skipping Trust," "Discretionary Trust," or "Dynasty Trust." The Beneficiary Controlled Trust uniquely utilizes many of the asset protection concepts utilized in foreign and domestic asset protection trusts.
Take Advantage of This Unique Opportunity
The Goralka Law Firm provides the "Beneficiary Controlled Trust" as just one feature of its complete Living Trust package - - and the entire package costs only a fraction of the price many attorneys charge for an Asset Protection Trust alone. If you have not yet added this "Beneficiary Controlled Trust" feature to your existing Living Trust, you should seriously consider doing so right away! We at the Goralka Law Firm believe that it's so important, we now offer the "Beneficiary Controlled Trust" as an available feature in every new Living Trust vehicle we build!