Protecting your Assets from your Ex

If the ex has guardianship....you can not appoint the child a
traditional guardian (and neither can she...if she dies....you have
first right to guardianship)....but you can appoint them a financial
guardian that can control all of their funds acquired from your death
until the child reaches age 18 or 21 or whatever contingiencies you
want to put on these funds....in our case....the children "must
graduate college" before the funds are turned over to them...and in the
event that they do not graduate college, they forfeit their share of
the estate....and we have a specific clause excluding the ex under any
circumstances to have any control or access over the funds....all
financial transactions are to be handled personally by the financial
guardian.....and that guardian has the power to decide what, when, and
how much the ex will have acess to.

"Bob Whiteside" wrote in message ink.net...

"Moon Shyne" wrote in message
...

"Bob Whiteside" wrote in message
ink.net...

"Bob Whiteside" wrote in message
ink.net...

"Moon Shyne" wrote in message
...

"Erin" wrote in message
oups.com...
In today's, world....it is a sad but true fact that many of us are
worth more dead than we are alive. Many of us carry life insurance
policys, 401(k)'s, IRA's, and own a home. This is something that
you
need to be aware of...If you die before your children reach the age
of
18, and you have not compleeted a last will....your children are
all
entitled to equal portions of your estate. That's okay, right?
Well,
think about this....if your ex is still your child's legal
gardian....then she would have the control over the funds set forth
for
your child. If you are insured for 500,000 and you have 2
children,
one that you are a NCP and one that you are the custodial parent
of....your ex would have control of 250K as the legal guardian of
your
child, and that would just be the proceeds off of your life
insurance....she would also, as your child's legal guardian gain
control of half of your retirement, and have of the sell of your
house.
There is a case, where a man remarried, and then died after having
a
subsequent child. The new spouse was ordered to sell her home, and
put
half of the proceedes into a trust fund for her step-daughter, as
that
child was entitled to half of the estate.....as the legal guardian
of
the child....the ex wife then had control of over
800K.......PROTECT
YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and
as
discomforting as it is...make out your last will and testament.
Appoint a financial guardian for your children! Specify in that
will,
that the appointed financial guardian of your child is to
personally
handle ALL financial transactions until the child reaches the age
of
21. This allows you to still leave your assets to your
non-custodial
child....without you ex being in control of these assets.

It's actually easier than that - see an estate planning attorney, and
have
him or her draw up a couple of papers -

1. a will
2. legal power of attorney
3. health care power of attorney
4. revokable life insurance trust

Then, all of your assets - the beneficiary is the revokable life
insurance
trust. The trust specifies at what ages your
children can take possession of their inheritance, and what, if any,
bills
can be paid from it before they turn whatever
age you have specified. If you need to, you can appoint a guardian
for
your children, and choose to allow (or not)
monthly stipend towards your children's support until they turn the
specified age.

Some custodial parents need to protect their assets from their ex, as
well. For $600, I had all 4 papers drawn up and
filed with the courts - and if I should die before my children are
the
specied age, he can't touch their inheritance.

Except court decrees block fathers from doing what mothers are allowed
to
do
when a decree states: "The court retains the right to establish an
irreversible trust over the father's assets for the benefit of the
children."

This type of decree language prevents a father from protecting his
assets
for a new spouse to manage on behalf of his prior marriage children.

I meant to type "irrevocable trust." In essence the courts require
divorced
fathers to leave their estates to their children and not their current
spouses. The court decrees remove the father's ability to create a will
dispensing his assets as he might choose.

ALL decrees?

Nope.

A better question is to ask - If mothers are required to contribute their
own pro-rata share of CS guideline awards to support children, why aren't
they also required to provide a safety net guarantee for their long term
obligation to the joint children?

Some of us are - I was required, in my divorce decree, to keep in force my existing life insurance - and even though my
ex was similarly required to keep his in force, he let it lapse immediately, and has never suffered any penalty for the
contempt of court.

"Erin" wrote in message oups.com...
If the ex has guardianship....you can not appoint the child a
traditional guardian (and neither can she...if she dies....you have
first right to guardianship)....

I understand that. My trust clearly specifies guardians, if my ex can not, or will not, take the children.

but you can appoint them a financial
guardian that can control all of their funds acquired from your death
until the child reaches age 18 or 21 or whatever contingiencies you
want to put on these funds....in our case....the children "must
graduate college" before the funds are turned over to them...and in the
event that they do not graduate college, they forfeit their share of
the estate....and we have a specific clause excluding the ex under any
circumstances to have any control or access over the funds....

The trust controls the life insurance monies (nearly 500,000) - my ex cannot and will not have access to the money, even
if the children were to go live with him.

all
financial transactions are to be handled personally by the financial
guardian.....and that guardian has the power to decide what, when, and
how much the ex will have acess to.

With a trust, I get to specify what, when, and how much the ex will have access to. No one else has to be bothered with
pity party stories, lies, or anything else - it simply goes by the terms of the trust.

I prefer it that way.

"Moon Shyne" wrote in message
...

"Bob Whiteside" wrote in message
ink.net...

"Moon Shyne" wrote in message
...

"Bob Whiteside" wrote in message
ink.net...

"Bob Whiteside" wrote in message
ink.net...

"Moon Shyne" wrote in message
...

"Erin" wrote in message
oups.com...
In today's, world....it is a sad but true fact that many of us
are
worth more dead than we are alive. Many of us carry life
insurance
policys, 401(k)'s, IRA's, and own a home. This is something
that
you
need to be aware of...If you die before your children reach the
age
of
18, and you have not compleeted a last will....your children are
all
entitled to equal portions of your estate. That's okay, right?
Well,
think about this....if your ex is still your child's legal
gardian....then she would have the control over the funds set
forth
for
your child. If you are insured for 500,000 and you have 2
children,
one that you are a NCP and one that you are the custodial parent
of....your ex would have control of 250K as the legal guardian
of
your
child, and that would just be the proceeds off of your life
insurance....she would also, as your child's legal guardian gain
control of half of your retirement, and have of the sell of your
house.
There is a case, where a man remarried, and then died after
having
a
subsequent child. The new spouse was ordered to sell her home,
and
put
half of the proceedes into a trust fund for her step-daughter,
as
that
child was entitled to half of the estate.....as the legal
guardian
of
the child....the ex wife then had control of over
800K.......PROTECT
YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer,
and
as
discomforting as it is...make out your last will and testament.
Appoint a financial guardian for your children! Specify in that
will,
that the appointed financial guardian of your child is to
personally
handle ALL financial transactions until the child reaches the
age
of
21. This allows you to still leave your assets to your
non-custodial
child....without you ex being in control of these assets.

It's actually easier than that - see an estate planning attorney,
and
have
him or her draw up a couple of papers -

1. a will
2. legal power of attorney
3. health care power of attorney
4. revokable life insurance trust

Then, all of your assets - the beneficiary is the revokable life
insurance
trust. The trust specifies at what ages your
children can take possession of their inheritance, and what, if
any,
bills
can be paid from it before they turn whatever
age you have specified. If you need to, you can appoint a
guardian
for
your children, and choose to allow (or not)
monthly stipend towards your children's support until they turn
the
specified age.

Some custodial parents need to protect their assets from their ex,
as
well. For $600, I had all 4 papers drawn up and
filed with the courts - and if I should die before my children are
the
specied age, he can't touch their inheritance.

Except court decrees block fathers from doing what mothers are
allowed
to
do
when a decree states: "The court retains the right to establish an
irreversible trust over the father's assets for the benefit of the
children."

This type of decree language prevents a father from protecting his
assets
for a new spouse to manage on behalf of his prior marriage children.

I meant to type "irrevocable trust." In essence the courts require
divorced
fathers to leave their estates to their children and not their
current
spouses. The court decrees remove the father's ability to create a
will
dispensing his assets as he might choose.

ALL decrees?

Nope.

A better question is to ask - If mothers are required to contribute
their
own pro-rata share of CS guideline awards to support children, why
aren't
they also required to provide a safety net guarantee for their long term
obligation to the joint children?

Some of us are - I was required, in my divorce decree, to keep in force my
existing life insurance - and even though my
ex was similarly required to keep his in force, he let it lapse
immediately, and has never suffered any penalty for the
contempt of court.

You are co-mingling assets in an estate with life insurance proceeds. The
point I have made here several times is the courts cannot force a person to
take out a life insurance policy and name a court ordered beneficiary. So
to get around the case law decisions, the courts go after the father's
estate by claiming an ongoing right to establish irrevocable trusts when
life insurance does not exist the way the court wants it. These orders
force the fathers to designate their children as beneficiaries on life
insurance policies OR prevent father's from designating someone other than
their children as the heirs in their estates.

"Bob Whiteside" wrote in message ink.net...

"Moon Shyne" wrote in message
...

"Bob Whiteside" wrote in message
ink.net...

"Moon Shyne" wrote in message
...

"Bob Whiteside" wrote in message
ink.net...

"Bob Whiteside" wrote in message
ink.net...

"Moon Shyne" wrote in message
...

"Erin" wrote in message
oups.com...
In today's, world....it is a sad but true fact that many of us
are
worth more dead than we are alive. Many of us carry life
insurance
policys, 401(k)'s, IRA's, and own a home. This is something
that
you
need to be aware of...If you die before your children reach the
age
of
18, and you have not compleeted a last will....your children are
all
entitled to equal portions of your estate. That's okay, right?
Well,
think about this....if your ex is still your child's legal
gardian....then she would have the control over the funds set
forth
for
your child. If you are insured for 500,000 and you have 2
children,
one that you are a NCP and one that you are the custodial parent
of....your ex would have control of 250K as the legal guardian
of
your
child, and that would just be the proceeds off of your life
insurance....she would also, as your child's legal guardian gain
control of half of your retirement, and have of the sell of your
house.
There is a case, where a man remarried, and then died after
having
a
subsequent child. The new spouse was ordered to sell her home,
and
put
half of the proceedes into a trust fund for her step-daughter,
as
that
child was entitled to half of the estate.....as the legal
guardian
of
the child....the ex wife then had control of over
800K.......PROTECT
YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer,
and
as
discomforting as it is...make out your last will and testament.
Appoint a financial guardian for your children! Specify in that
will,
that the appointed financial guardian of your child is to
personally
handle ALL financial transactions until the child reaches the
age
of
21. This allows you to still leave your assets to your
non-custodial
child....without you ex being in control of these assets.

It's actually easier than that - see an estate planning attorney,
and
have
him or her draw up a couple of papers -

1. a will
2. legal power of attorney
3. health care power of attorney
4. revokable life insurance trust

Then, all of your assets - the beneficiary is the revokable life
insurance
trust. The trust specifies at what ages your
children can take possession of their inheritance, and what, if
any,
bills
can be paid from it before they turn whatever
age you have specified. If you need to, you can appoint a
guardian
for
your children, and choose to allow (or not)
monthly stipend towards your children's support until they turn
the
specified age.

Some custodial parents need to protect their assets from their ex,
as
well. For $600, I had all 4 papers drawn up and
filed with the courts - and if I should die before my children are
the
specied age, he can't touch their inheritance.

Except court decrees block fathers from doing what mothers are
allowed
to
do
when a decree states: "The court retains the right to establish an
irreversible trust over the father's assets for the benefit of the
children."

This type of decree language prevents a father from protecting his
assets
for a new spouse to manage on behalf of his prior marriage children.

I meant to type "irrevocable trust." In essence the courts require
divorced
fathers to leave their estates to their children and not their
current
spouses. The court decrees remove the father's ability to create a
will
dispensing his assets as he might choose.

ALL decrees?

Nope.

A better question is to ask - If mothers are required to contribute
their
own pro-rata share of CS guideline awards to support children, why
aren't
they also required to provide a safety net guarantee for their long term
obligation to the joint children?

Some of us are - I was required, in my divorce decree, to keep in force my
existing life insurance - and even though my
ex was similarly required to keep his in force, he let it lapse
immediately, and has never suffered any penalty for the
contempt of court.

You are co-mingling assets in an estate with life insurance proceeds. The
point I have made here several times is the courts cannot force a person to
take out a life insurance policy and name a court ordered beneficiary.

Actually, yes they can - my ex and I were both ordered to keep our existing life insurance in effect, with the children
as beneficiaries.