The minor child’s assets would not be attributed to NP. You are correct about the 18-year old.
Question
The minor child’s assets would not be attributed to NP. You are correct about the 18-year old.
From: [Redacted]
Sent: Friday, March 26, 2021 8:51:15 AM (UTC-05:00) Eastern Time (US & Canada)
To: [Redacted]
Cc: [Redacted]
Subject: Question re Minor Child of Spouse
PNO,
Hope this note finds you well! Are hoping to get some quick feedback regarding the size of person threshold an assets attributable to a natural person (“NP”). NP does not have a regularly prepared balance sheet and so must prepare a pro forma.
NP is married and so we understand the assets of NP’s spouse are attributed to NP for preparing the pro forma. NP does not have any children of his own. However, NP’s spouse was previously married and has two children from that marriage: one who is eighteen and one who is sixteen. NP has not adopted the children and the children still spend time with their other biological parent, as well as NP’s spouse.
Can you confirm whether the sixteen year old child’s assets would be attributed to NP?
Since the eighteen year old is no longer minor, we believe that regardless of your answer to the previous question, that child’s assets should not be attributed to NP, but please confirm.