Protecting Inheritance

Get financial tips on divorce and asset division including child support laws, property division, and divorce settlements.

Re: Protecting Inheritance

Unread postby BartSimpson » Wed Dec 20, 2017 6:32 pm

May I suggest you find an attorney admitted to both States’ Bar.

It’s not that hard, particularly around military installations, but having an attorney who can practice in both states will be of great value to you.
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Re: Protecting Inheritance

Unread postby TeflonDad » Wed Dec 27, 2017 1:28 pm

Definitely recommend setting up an LLC or trust, transferring the assets to the LLC or trust, and pass through directly into the existing accounts/framework. Be careful with trust beneficiaries, and appoint alternate/second beneficiaries. Don't make your kids beneficiaries, as if you die, their mother has legal power of attorney over the children to act as trustee on their behalf.

An LLC with pass-through benefits, coupled with carryovers and depreciation and expenses will benefit from the tax changes (if they last beyond the 2018 mid-terms). However, since they are pass-through, you will be showing that as marital income, just as if you earned it at a job.

Also, you should be filing 1) separate, and 2) with separate K-1s (I think that's the right place) from your LPs and LLCs.

If you did file joint, you're hosed because that will be exhibit A for her claim to more of your stuff.
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