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We get yearly royalties from a wind turbine.

Summerville, SC |

We are older and have a 17 month old. We have wills and medical. Currently we are using the royalties for paying off bills but plan on putting a decent amount away in two years but is there anyways we can insure the royalty contact will stay with my daughter if my wife and I die? Also to keep it from potential lawsuits (no fear of that now, just a question.)

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Attorney answers 3

Best Answer
Posted

I am pretty sure of a way to do it. But to adequately address this question you would need to disclose your total assets. However, depending on how much you have, your question might be to complex for this forum.

I am not an estate planning lawyer, but I know enough about it to say that at if you have substantial assets, you do not want to try an protect them on your own. Especially, in South Carolina because it is hard to protect your assets from creditors in this state.

I would considered consulting an estate planning attorney. If you have would likely have an average size estate, I would contact Lana Jamrosyk in Charleston 843-868-1198. If you have more substantial assets, I would call Alex Weatherly in Columbia (803) 932-1277.

Asker

Posted

Tristan, We don't have much for assets but have a home my main issue would be to protect the royalties for my daughter if something happened to us and someone would care for her.

Tristan M Shaffer

Tristan M Shaffer

Posted

Please talk to an estate planning lawyer that you are asking for is very complicated and you should not do it yourself. If you speak to an estate planning lawyer, I would imagine that an estate planning lawyer might create a trust for the benefit of you and your daughter. They might then create a business entity that essentially owns the royalties (whether and how they do this depends on the language of the royalty contract). That business entity could be held in trust for the benefit of you and our daughter. If I was in your shoes, even knowing a little about this, I would not attempt this myself. Call Lana, She likely offers a low consultation fee. She can certainly help you out more so than me.

Asker

Posted

Tristian, Thank you.

Asker

Posted

Sorry about the extra "i".

Posted

You need to work with an Asset Protection / Estate Planning attorney. I suggest using a Wealth Preservation Trust or at the very least a Living Trust. The best time to set up asset protection is when your legal seas are calm. See Avvo.com under Find-A-Lawyer. Enter 'Estate Planning' or 'Asset Protection' then your nearest Metropolitan city area.

Posted

It is important to define your priorities: Elder Law Planning (related to eventual medical/nursing home bill), Estate Planning (tax, inheritance planning) and asset protection planning (eventual lawsuits). Very often, there is confusion about what you can achieve with legal tools as (revocable) living trusts and LLC’s.

As my colleagues already explained, a lot depends on your total exposed net worth (bank and brokerage accounts, primary residence and other investments) and your eventual exposure.

I recommend you to schedule a consultation with an attorney that has proven expertise in the area of asset protection planning.

Good luck!

Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.

Asker

Posted

Thanks Doug. I did explain what we want.........we want to ensure if we passaway our 17 month old daughter at what age she is or when legal she will have the right to everything. I'm dumb but I assume that if she is underage and the court appoints someone as her guardian they will have moreless reign over the assets, so, if this is true is there anyway to avoid this from happening

Asker

Posted

.........my wife has done some work with the courts and from what i understand is the spending of money would be left up to the guardian of our daughter and only that the guardian has to document the funds, use and date. I know it might be hard to believe but there is some really screwed up family who would do anything to undermine all the good that overs have done and to take everything over.

Asker

Posted

and the amounts......we will not be a "point" amount but a few homes, the royalty is $30 to $40k yearly, nothing much but I want to ensure a few things do not happen,

Douglass S Lodmell

Douglass S Lodmell

Posted

Thank you for the feedback. If your mayor concern is what would happen with your estate and your daughter when you and your spouse pass away, you should definitely contact an experienced estate planning attorney in your area.

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