Protect Your Children’s Inheritance With A Lifetime Asset Protection Trust

As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the primary factors motivating your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as divorce, serious debt, devastating illness, and unfortunate accidents.

In some cases, a sudden inheritance windfall can even wind up doing your kids more harm than good. Read my latest blog article, where I cover how to protect your children’s inheritance with a lifetime asset protection trust.

Timothy ScottMay 10, 2022will, revocable trust, heirs, children, asset protection

How Estate Planning Can Bring Blended Families Closer

Yours, mine and ours … in today’s modern family, it’s oh so common. The blended family is the product of 2nd (or more) marriages, in which one or more of the parties comes with children from a prior marriage. And then, they may even go on to have children together.

If you have or are part of a blended family, it’s important to understand how estate planning could be exactly what you need to keep your family out of conflict and in love, both during life, in the event of incapacity, and when one or more of the senior generation (read: parents) dies.

Timothy ScottNovember 16, 2021estate plan, estate planning, blended family, children, spouse, conflict

Why You Need a Trust - Even If You Aren't Rich

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund - or trust - is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children—Part 2

As I reported last week in part one, although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion. This week, I will explore the details of how DMX’s legacy and wealth are at risk of being lost.

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children—Part 1

This week, I explore the lessons uncovered from legendary hip hop artist DMX’s failure to create an estate plan. He left behind an estate that is millions of dollars in debt and 15 children who are in conflict over his estate and with each other.

Timothy ScottSeptember 14, 2021estate plan, estate planning, celebrity, DMX, health, health care directive, living will, will, probate, child support, children

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