A big part of estate planning is asset protection. I don’t think that the concept of asset protection is readily understood, because if it was we would all be working to put asset protection plans in place.
So, here is an asset protection primary. First, let’s break down the term. First word is “asset.” An asset is the items you own – bank accounts, brokerage accounts, house . . . We all have assets, though we each have more or less than others.
The second word is “protection.” Protection is the act of safeguarding.
So together it is the safeguarding of the stuff you own. Don’t we all want to safeguard the stuff we own?
If I told you that your estate plan can protect what you leave to your loved ones (i.e. the inheritance) from lawsuits, a divorce, a bankruptcy, would you want that? The answer is “yes.” We can do that, we can put that kind of language into a basic estate plan.
If you need protections now, there are – many options that can be utilized based on the particulars of your situation. The key thing with any asset protection technique is to have it in place before the “bad thing” happens. There is no “back dating” when it comes to asset protection – you must have it place now, for the protections from some potential future issue.
Call us today to discuss what technique would work best for your situation; or if you want to, at the minimum, make sure what you leave to your loved ones is protected.
Contributed by Morris Hall, PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, James P. Plitz.
About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Sedona, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Biden Administration Could Reduce Estate Tax Exclusion - February 18, 2021
- It’s Better to Give, Especially This Year - February 9, 2021
- Where Should I Store My Estate Planning Documents? - June 2, 2020