A Florida Asset Protection Trust Is a Great Gift for an 18-Year-old that can be used for the rest of their life.
Almost every parent can remember the way he or she felt on the day their child turned 18. It’s the day their son or daughter takes their first steps into adulthood. Officially, they are no longer the baby you used to hold in your arms or the toddler that just learned to walk. They are adults living in the real world with all of its risks and rewards.
Parents know this mixture of feelings very well. They are excited for their child’s future but also nervous because they are still so young and apt to make mistakes. Many parents want to celebrate the child’s birthday by buying them a new car or sending them on a trip.
While these gifts are great, we often tell our clients the best gift you can give your child is an asset protection trust. A trust that can last the rest of the child’s life, which allows the parents to invest in the child, protect the investment from creditors, and allows the parent to retain some control over how the child uses the assets, after all, they are only 18 and most professionals would agree that young adults do not start making good decisions until at least 25.
In a few months my son will turn 18. One of the first things I will have him do is create a Florida Asset Protection Trust.
What is a Florida Asset Protection Trust?