how can a grantor protect assets passed to heirs/beneficiarys

[Mich parent]

What is the name of your state? Michigan... how can a grantor protect the assets passed to heirs/beneficiarys. how can I protect the family home and money in a mutual fund to pay for house taxes utilities and upkeep I leave for my adult Son at my death,from creditors and law-suits of any kind? also if the money in the mutual fund gets depleted in time, can the trustee sell the house and purchase a less expensive house and deposit the difference in the mutual fund to pay for taxes utilities and upkeep on the 2nd house? would creditors be able to intercept the money, (for example like distrubutions from a spendthrift trust? .. in short all I want to do is provide a home for my son, then if there is any remainder left to my Grandson then to my great Grandson, no money distrubted to them just the house upkeep...thank you

 

[BoredAtty]

What is the name of your state? Michigan... how can a grantor protect the assets passed to heirs/beneficiarys. how can I protect the family home and money in a mutual fund to pay for house taxes utilities and upkeep I leave for my adult Son at my death,from creditors and law-suits of any kind? also if the money in the mutual fund gets depleted in time, can the trustee sell the house and purchase a less expensive house and deposit the difference in the mutual fund to pay for taxes utilities and upkeep on the 2nd house? would creditors be able to intercept the money, (for example like distrubutions from a spendthrift trust? .. in short all I want to do is provide a home for my son, then if there is any remainder left to my Grandson then to my great Grandson, no money distrubted to them just the house upkeep...thank you

I suspect that you already know that you need to set up a trust with the house and mutual funds as the corpus. The trustee would then use trust funds to pay for the taxes and upkeep on the house. Your son's creditors would not be able to reach the trust as long as he cannot control the trust as if it were his funds. Yes, a trustee could sell the house owned by the trust and buy a less expensive house if that move would be prudent.

 

[curb1]

Mich Parent,
What are these "creditors and law-suits of any kind" that you mention? Is something going on?

 

[Mich parent]

how can a grantor protect assets passed to heirs/ beneficiarys

no, nothing going on, curb1, I'm just afraid he might go bankrupt, gamble, drinking, drugs, get married then divorced, to name just a few...yes, BoredAtt I knew it would be some kind of trust, could you please tell me what kind of trust this would be so I can do some research. I realize I will need to hire an Attorney, I would just like to get more information first ....thank you