Guardian Angel Trusts™: The Ultimate Gift For Mother’s Day
If you have minor children, perhaps this Mother’s Day, the fathers out there should think about giving the mother of their kids a Guardian Angel Trust™ (GAT). A GAT ensures the well being of mom’s greatest legacy: her children. GATs provide unparalleled peace of mind by making sure that your children are treated (and protected) in the same manner as if you were both alive and making decisions, even if you are not.
That is to say, if the unthinkable occurs and both parents predecease their minor children – a GAT distributes your estate fairly, rather than equally. Yes, you read that correctly. Think about it this way: with a plain probate avoidance trust, estates are usually split equally and distributed to surviving children. But what if you have two kids and you already spent a lot of money for the older child’s education, while the younger child is just 17? In other words, the older child may have already received a large chunk of the estate, while the younger child did not. In this situation, if you were alive, you probably would have treated your kids “fairly” and paid for the same type of things for your younger child(ren).
With a Guardian Angel Trust™, parents can designate guardians, trustees and protectors for their kids. Having a “panel of advisors” makes sure that until your youngest child reaches a certain age (for example, 23), all trust assets are held for the common benefit of all children. That means that one of your kids may get “more,” but that’s probably what you would’ve wanted (for instance, you’d likely pay a lot for one child to receive costly medical treatments, if they needed it). By the way, your kids can still access GAT assets for their well being as well as having the ability to receive an “advance” on their inheritance for certain reasons, such as a downpayment on a home or help paying for a wedding. Finally, once the youngest child reaches the target age (23 in our example), the trust is split equally among all children. From there, parents designate yet another age – when the children are more mature – to receive the funds outright. Before then however, the trust morphs into an asset protection trust, so that divorcing spouses, ex-business partners, a bankruptcy court as well as any and all potential creditors or predators, cannot reach the assets in your GAT.
So, not only will your kids be treated fairly with a Guardian Angel Trust™, but GATs also protect children for many years to come. For a complimentary consultation regarding GATs & your family’s asset protection needs, contact Randall F. Kaiden, Esq. of Valley Elder Law at 661-247-8433, or via the web: www.valleyelderlaw.la.
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