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.
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