October 11, 2008
A friend of mine received a death threat this week. He was told by phone to turn over his children to his estranged wife's parents or else cover his back.
He is not taking this threat seriously. I would.
I asked him if he called the police. He said he had.
What should he do next?
He should get a lawyer to have a trust set up for his children. He should name as the trustee his married sister.
Second, he should fund the trust with some money.
Third, he should have the trust buy a term life insurance policy on his life for at least $500,000.
Fourth, he should put in his will that his sister get control over the children at his death. His wife is suffering from a serious mental disorder. She is under a restraint order not to visit the children without his permission.
A trust for your children is always a good idea. Name the trustee. Fund it with term insurance.
You can work out an exchange deal with the trustee who will get control of your children at your death. You get his children if he dies.
If you don't have someone you trust, find one.
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