With a year left before the presidential election, the candidates are getting more in focus. One of the top headline-grabbers is Donald Trump. Whatever your political beliefs and your views of The Donald, we can learn a little from him in terms of asset protection.
It is no secret that The Donald has filed bankruptcy (more than once). The question, then, is how is he still worth billions of dollars? The simple answer is that he put a structure in place that shielded his personal assets from issues within his corporations. In simple English: he put an asset protection plan in place.
Money Magazine wrote an article about The Donald’s bankruptcy back in August. The article shows how much debt he was able to avoid, with only minimal impact on his personal wealth.
By using a corporate structure and following corporate formalities, The Donald shielded his own money from that of the corporation. When the corporation ran into money issues, the corporation filed for bankruptcy, and the effects on The Donald were limited to his investment in that one company.
Though Donald Trump’s asset protection plan is on a much larger scale, with the right advice and guidance, similar techniques and concepts can be used to protect your assets from whatever life throws at you. Call us today to make an appointment to have one of our attorneys review your situation and get an asset protection plan in place today.
Contributed by Morris Hall PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, James P. Plitz.
Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall. 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