Cassandra Jelincic authored an article published in Daily Business Review explaining how parents can ensure their child’s inheritance remains their separate property.
Parents often have concerns assets they would like to leave specifically to their children after they die will be split with their spouses. Cassandra discusses the rules one must follow to make certain that noninterspousal gifts from one’s parents are deemed as nonmarital assets that cannot be divided between children and significant others in the case of a divorce.
“As long as your child keeps the inheritance in a separate account, owned solely by your child, or the assets remain in the trust set up for this purpose, and doesn’t use the funds to buy an asset in both their and their spouse’s name, or to pay marital expenses, the assets will remain your child’s separate property,” Cassandra notes.
To read the full article, click here.