Estate Planning

Leaving Assets to a Child in Prison

By David M. Goldman

One should be careful when leaving assets to someone who is in prison. They often have fines assessed against them and the assets can be taken for these fines. Sometimes it is beneficial to leave assets to the incarcerated persons heirs. While many trusts can be created to provide for creditor protection, these trusts usually fail when the government tries to take the assets. Often this happens with the IRS but it is logical to assume that the state could also take money from a trust offering asset protection.

As with most instances of Florida Estate Planning it is important to look at each families unique circumstances and dynamics to design aFlorida Estate Plan that addresses each families goals and objectives.

Full post as published by Florida Estate Planning Lawyer Blog on January 25, 2009 (boomark / email).