Personal Asset Trusts Attorney
Personal Asset Trusts At the Kushner Legal Corporation, we are proud to offer our clients a unique planning service called a Personal Asset Trust. A Personal Asset Trust (or “PAT”) is designed to replace an outright distribution to beneficiaries and can be incorporated into most revocable living trusts to ensure that beneficiaries are able to receive their inheritance without un-necessary risk or exposure. The Personal Asset Trust allows a beneficiary to maintain control over their assets without the burden of ownership.
Here are some examples of times where a Personal Asset Trust may be most beneficial:
Concerns about divorce
If you are concerned about the marital status of one of your beneficiaries or concerned that their spouse may try to take half or more of their inheritance, a personal asset trust can add an extra level of protection
Concerns about financial responsibility
Leaving a substantial sum of money to a beneficiary who may not be the most financially responsible can cause an unnecessary level of stress for any person. A Personal Asset Trust can put guard-rails in place to allow a beneficiary to have access to funds without the risk of having it drawn down too quickly or in an irresponsible manner
Concerns about creditors
Creditors can be relentless in trying to collect on a debt and an outright distribution to a beneficiary can leave a beneficiary vulnerable to creditor collections. A Personal Asset Trust can act as a shield against potential creditors.
Concerns about drug and alcohol abuse
Addiction is a serious medical condition and can affect people from every walk of life. When someone has an addiction, access to large amounts of money can cause potentially devastating consequences. A Personal Asset Trust ensures that beneficiaries with addictions will still be able to receive funds but will ensure that the funds can be distributed in a responsible manner.
Concerns about liability
Some beneficiaries may be employed in areas of work that have high liability such as doctors, dentists, lawyers or real estate professionals. A Personal Asset Trust can provide an extra level of protection from future law suits.
Contact Kushner Legal Corporation today to schedule a consultation to discuss setting up a Personal Asset Trust for your beneficiaries.