Hi Welcome to ValuationPodcast.com – A podcast and video series about all things related to business and valuation. My name is Melissa Gragg, and I provide online divorce mediation and valuation services based in St. Louis Missouri.
Today we will discuss Marital Balance Sheet: Trusts and Divorce with Robert – Bob Boyd and Letitia A. McDonald from Atlanta, Georgia.
Bob is a co-founder of Boyd Collar Nolen Tuggle & Roddenbery and a leader in family law who has received recognition from his colleagues across Georgia and the nation for his work in high-net-worth divorce litigation and contested custody cases.
Tish McDonald is a partner in the Trial and Global Practice Group at King & Spalding. She focuses on complex commercial litigation, with an emphasis in fiduciary litigation, trust and estate litigation, litigation involving non-profits, real estate litigation, and litigation involving governmental entities.
1. Where do you typically see overlay of trusts and estates in family law?
2. What are some of the most common mistakes made with family trusts?
3. What important steps should take in order to properly protect their estate?
4. What are the differences between estates and trusts in high asset couples?
5. How are estates and trusts typically dealt with in divorce litigation?
6. If a couple is preparing to divorce, what should be done to protect their assets?
7. Do you have any unique stories regarding high asset couples or family estates and trusts?
8. Tell us more about the services you provide!
CVA, MAFF, CDFA
Expert testimony for financial and valuation issues
Bridge Valuation Partners, LLC
Cell: (314) 541-8163
Bob Boyd (01:02:51):
Well, I think you can’t protect assets that you’ve acquired during the marriage. I mean, that’s how that’s, that’s a whole cottage industry of trust and estates lawyers that do nothing, but set up these trusts and LLCs to help people basically pay as little tax as possible. And it’s all perfectly legal and above board. I think the idea is you need to have a plan in place. If you’re expecting to get a chunk of money, you need to have a plan in place before you get the money so that you can have these assets set up to receive the money and therefore you know, so that you get the most beneficial tax treatment. But that’s about the extent of my advice when somebody asks me that is, Hey, you need to call so-and-so. This is way out of my bailiwick, right?
Melissa Gragg (01:03:44):
Because there is, I mean, a lot of the you know, generation skipping or even moving, you know, we’re, we’re seeing a lot of people move businesses and to trust to move them down the line. I think that all of that kind of things, or if you’re getting, if you know that there’s some inheritance coming during the marriage, you know, I think it does become important, the trail that that money takes. And so if grandma, you inherit a hundred thousand dollars from grandma and you just take that check and put it in your joint bank account, you know, you might encounter some issues, not necessarily cause you can still trace assets, right. And that’s what financial people come in to do. But I think that, you know, the purpose of this is to say, you need to con it. It does, it is important. It’s important how it comes to you. It’s important what you do with it, where it is contained and all of those things have their issues.
Bob Boyd (01:04:45):
Th th we could do another podcast on this. I would just say very quickly, I tell my clients you know, if you’ve got separate assets coming into the marriage, keep them separate. If you get anything during the marriage, keep it separate because this is, I can only speak for Georgia in this case, if you, if you title it in joint names, you’re going to have a hard time because the presumption in the law is you’ve created marital property, made a gift to the marriage and that’s going to be hard to be. So if you want, if you want to consciously, you know, put that hundred thousand dollars into a joint account, know that it’s probably gone
Tish McDonald (01:05:29):
Or, or in a repair of a house. Right. that’s become
Bob Boyd (01:05:32):
Even more so than the repair by house.
Melissa Gragg (01:05:35):
Yeah, yeah, no, it is a whole new, a whole nother podcast. So
Bob Boyd (01:05:40):
We could do one on how to protect your assets without a prenup.