Have you ever considered creating a Trust for your heirs? A properly drafted and managed irrevocable trust can protect your hard-earned assets from certain creditors.
Former New England Patriot Aaron Hernandez may have left hidden wealth for his 5-year-old daughter beyond the reach of his creditors in a trust he set up before his prison suicide.
The “AJH Irrevocable Trust” came to light in documents filed in Bristol Probate and Family Court by attorney John G. Dugan, the special representative of Hernandez’s purportedly destitute estate.
Since Hernandez owed substantially more in debts than he had in assets, his estate is likely insolvent. Although a probate court has the power to provide a family allowance for minor children of a deceased person, often creditors will aggressively pursue assets contained in someone’s estate.
Creating an irrevocable trust allows you to provide for your future heirs and separate assets from your taxable estate.
Feel like an irrevocable trust is right for you? Set up an appointment at 817.638.9016.