Gold diggers Are After My Children
Question: Gold diggers
We’re reasonably well off, and we are very concerned that the “lady” our son has let get her hooks into him is a gold digger. What can we do to protect what he will inherit from us from the gold digger? We really don’t want to offend our son. Is there any way you can help with this?
Answer: Gold diggers At Bay
We have a range of trusts available which can be adapted to deal with all sorts of circumstances. In the case of gold diggers, we can certainly help.
Initially, we need to assess your situation carefully. Whilst solutions to problems may be similar, the methods and timescale required to solve the problems may be very different, depending on your exact family circumstances. Careful planning and execution are essential.
Gold diggers Solution
The issue is to allow your son to live in reasonable comfort, without putting the families hard won assets at risk. The following is a generic guide to how our Gold digger Solution might work (don’t worry, we don’t really call it that!)
We move your assets into a protective trust (or more likely, trusts).
Naturally, you will be in charge of them while you are able.
You will appoint long term trustees to look after the Trusts when you no longer can. They may be younger family members or even us if you don’t have suitable people. During your life, you will decide how everything is dealt with. Afterwards, your appointed Trustees will have your guidance to guide them. One of your jobs is to write a Memorandum of Wishes (a letter) of guidance for your Trustees to follow once you have gone.
Generally speaking your Trustees will have wide authority to deal with changing circumstances – but you can prevent this if you wish.
Your Trustees will then have the authority to give or lend money to your son, or to buy things (such as a home) for his use. So it is easy for them to ensure that the family assets are protected and remain available for future generations.