Would your family trust survive a black sheep attack?
Trusts are the go-to structure for asset protection and inheritance planning but as more wealthy families are discovering, they’re not bulletproof. Experts weigh in on how to prevent costly showdowns.
Families are using lawyers and accountants to war game their discretionary trusts by simulating attacks from estranged relatives – the quintessential black sheep – seeking a bigger share of the estate.
“I pull them apart,” says Scott Whitla, a lawyer and veteran trust-buster whose expertise is highly sought after among financial advisers. “I scrutinise every part of the trust and advise on the weak spots vulnerable to attack.”
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