Best way to protect family wealth

Discussion in 'Wills & Estate Planning' started by denden88, 16th Jun, 2020.

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  1. denden88

    denden88 New Member

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    What is the best way to protect our families wealth before our son gets married? He is our only son as well. As everything will go to him, we want to protect him should an unfortunate divorce occur in the future.
     
    denden88, 16th Jun, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Don't leave him anything.

    A testamentary discretionary trust will improve asset protection
     
    Terry_w, 16th Jun, 2020
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  3. Beano

    Beano Well-Known Member

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    If he needs some financial assistance lend him the money by way a loan perhaps secured on his house
     
    Beano, 16th Jun, 2020
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  4. thatbum

    thatbum Well-Known Member

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    You can't really have your cake and eat it with this sort of thing. Best protection is to give him nothing at all.
     
    thatbum, 16th Jun, 2020
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  5. Trainee

    Trainee Well-Known Member

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    Teach him to make his own money, not to get married, only have short term relationships and dont give him anything.

    otoh, how do you protect your own assets from divorce, op?
     
    Trainee, 16th Jun, 2020
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  6. pattoman

    pattoman Well-Known Member

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    Make sure he marries up, so he could only gain from a divorce?
     
    pattoman, 16th Jun, 2020
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Seek advice from a well experienced lawyer specialising in wills.


    Do you need to provide for your daughters as well?
     
    Scott No Mates, 16th Jun, 2020
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  8. Beano

    Beano Well-Known Member

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    No daughter will be provided from rich husband on divorce :)
     
    Beano, 16th Jun, 2020
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  9. aussieB

    aussieB Well-Known Member

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    I have a similar trajectory of marrying up - only the partner is way more educated.
    The partner just doesn't stop teaching me a lesson or two every other day.
    I will be the one with all the education when we separate :p
     
    aussieB, 17th Jun, 2020
    #9
  10. Gen-Y

    Gen-Y Well-Known Member

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    I told my parent's don't bother leaving me any fortunes.
    I am very capable to making my own.
    Teach your son not to be a leaner and be a doer.
    Allow him to learn from the school of hard knocks.
    Dust him off and give him a smack if he falls sideways. :D
     
    Gen-Y, 17th Jun, 2020
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  11. Marg4000

    Marg4000 Well-Known Member

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    No, rich husband will have his assets all tied up in trusts etc. so she can’t get her hands on any money.
     
    Marg4000, 17th Jun, 2020
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  12. Gen-Y

    Gen-Y Well-Known Member

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    I have already implemented that strategy. LOL
    Sorry honey I don't have anything.
     
    Gen-Y, 17th Jun, 2020
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  13. Trainee

    Trainee Well-Known Member

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    actually the rich inlaws will not give the husband anything to protect him from divorce.
     
    Trainee, 17th Jun, 2020
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  14. wylie

    wylie Moderator Staff Member

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    I did read about a divorcing couple where the inheritance due to one party was taken into consideration even though the in-laws were still alive. Has anyone heard of that who can confirm or debunk?
     
    wylie, 17th Jun, 2020
    #14
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes this has happened - inheritance expectation.
     
    Terry_w, 17th Jun, 2020
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