Protecting a Married Child’s Inheritance: The Benefits of a Parent Using a Trust
As Published in The Legal Intelligencer – Special Section February 2021: Wealth Management Trusts & Estates
When a client’s child is getting married, it is common for the family attorney to receive a call before the wedding ceremony. The principal concern is how to protect the client’s assets, ultimately the child’s inheritance, from a child’s divorce. The initial reaction is to have the engaged couple immediately sign a prenuptial agreement. The added stress for the children of signing a legal contract covering a divorce is not the ideal way to start a new marriage. Moreover, the potential damage between the parent and the new son- or daughter-in-law by creating distrust for raising the need for a prenuptial agreement could be permanent. A common fear is that this could impact the ability of the parents to see their grandchildren.
To view the article on The Legal Intelligencer website published on February 16, 2021 click here.
If you have questions about this or any other legal matter, please feel free to contact Herb Fineburg at .
Reprinted with permission from the February 16, 2021 issue of The Legal Intelligencer. © 2021 ALM Media Properties, LLC. Further duplication without permission is prohibited. All rights reserved.
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Herb Fineburg is a Shareholder and Managing Partner of the Philadelphia Office. Mr. Fineburg is recognized as one of Philadelphia’s most respected business lawyers whose substantial knowledge of tax law provides clients with strategic and cost-saving benefits in connection with commercial transactions, taxation and wills, trusts and estates matters. Known for his ability to resolve complicated matters effectively, Mr. Fineburg has assisted businesses and individuals with the organization of their finances, business and real estate affairs, and the structure of their assets (i.e., in LLCs, partnerships, corporations, trusts or joint ownership). He has substantial expertise in the preparation of buy-sell agreements for co-owners who are family members or unrelated business partners and has handled the resolution of shareholder and partner disputes and buy-outs. In addition, to working on bank financings, business contracts and employment matters for his business clients, Mr. Fineburg also provides advice on business acquisitions and sales. Mr. Fineburg, who began his law career as a commercial litigator and bankruptcy lawyer, frequently provides litigation counsel and assistance to a wide range of firm clients. His articles have appeared in the Pennsylvania CPA Journal, the Journal of S Corporation Taxation and other publications. A graduate of Washington University in St. Louis, Mr. Fineburg received his law degree from the University of Missouri and a Master of Laws in Taxation (LL.M) from the New York University School of Law, Graduate Division.
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