With the divorce rate being nearly a flip of the coin, many people want to ensure the inheritance they intend to leave a child stays with that child. If you do not want your child’s spouse to have a claim against your assets in the event of their divorce, there are ways to safeguard your child’s inheritance with estate planning and asset protection planning. If you have family heirlooms and assets, this planning becomes especially important.
The South Dakota Supreme Court handed down one decision yesterday morning, Field v. Field, 2020 S.D. 51, that highlights the importance of planning. This case involved family farmland that had been owned and farmed by family members since the time it was homesteaded in 1878. Despite good intentions to keep the land in the family, the land was considered in the family member’s divorce proceeding and the entire value of the farmland was to be considered subject to equitable division.
Visit with a qualified and experienced estate planning and asset protection planning attorney to discuss how you can protect your child’s inheritance. Contact Legacy Law Firm, P.C. for questions at 605-275-5665.
The decision may be accessed at http://ujs.sd.gov/Supreme_Court/opinions.aspx