In effect, BCTs give you the strongest possible assurance that your assets will go to the people you choose, your children and grandchildren with little or no risk of dilution by third-party claims.
BCTs are characterized by some common features:
BCTs are referred to as “Bloodline Trusts” because they are an ideal structure to ensure your legacy and retain assets exclusively in your direct bloodline. PCS Attorneys recommend BCT’s when our clients fear that assets will be dissipated through a divorce, by claims from third-party creditors, in the event of a beneficiary’s bankruptcy, or by uncovered health care expenses.
The most critical aspect of the BCT structure is that it places control over trust assets in the hands of the primary beneficiary, who is also the trustee. That control is tempered with a special power of appointment. It enables them to appoint secondary, independent trustees for special purposes.
PCS has offices in Albany and New York City, as well as Long Island, Lake Placid, and Plattsburgh. We also represent families in New Jersey, Massachusetts, and Florida who want to establish trust structures for their beneficiaries while protecting the assets in those trusts from interests outside of the family’s bloodline.
Call us at your earliest convenience to confer with an estate planning attorney who can help you assess whether a BCT or some other estate planning structure will serve your and your family’s asset-protection needs.