Unfortunately, sometimes when a person passes away their wealth or possessions aren’t given to the people they would have hoped. However, bloodline planning protects against this, ensuring that a person’s wealth remains within their family ‘bloodline’.
Bloodline plans work with your current will to ensure that your family members don’t lose substantial amounts of their inheritance. It works by ring fencing any inheritance that you may wish to pass on to your children or other family members. It protects your assets so that if you go through a divorce, a remarriage or any financial and business issues they are not to subject to division or total loss.
The main benefits of bloodline planning are that if anything goes wrong with members close to the family, but not actual family, then they won’t be able to take any money that rightful belongs to the family member who has been given the inheritance. Family members can lose part of their inheritance not only if they divorce their partner, where 50% could then be taken by their spouse, but also through taxation or bankruptcy, when 100% of the inheritance could then be taken.
Divorce: Although when many people meet their partner they marry them believing they will be together for life, this is not always the case. A number of factors can affect relationships, causing them to end and once it has ended your family member may never see that person again, yet they would be taking a part of their inheritance. Even if a family member never divorces their spouse you may still wish for the money to stay solemnly with ‘blood’ relations for your own personal reasons.
Bankruptcy, Taxation & Care Costs: Although many people hope their family members will never have to suffer the trauma of bankruptcy, bloodline planning will protect the assets you have passed to them from being taken if they do. It also protects against taxation and care costs, where an estate can reduce massively in value in order to pay for these costs.
Many people overlook the importance of bloodline planning as they think their will protects them against things like this, unfortunately it doesn’t. Do your research today, in order to prepare for your, and your loved ones future.