Are you interested in pursuing asset protection planning for your estate, your assets and your properties? There tends to be a lot of controversy surrounding the topic of asset protection, and with good reason. Do you have assets and properties you wish to protect during your estate planning process? Have you read about asset protection plans that were not created correctly, and are now concerned regarding if you should put one into place?
This is not an uncommon concern and, I can assure you, a qualified estate planning attorney will not fail you with this effort. The problem lies predominantly with businesses cropping up as asset protection service providers, and they actually are not. Because so many people fell victim to these scams, it is no wonder there is distrust associated with asset protection planning. With that in mind, your best bet is to choose a reputable estate planning lawyer.
What exactly is asset protection planning?
You are quickly going to learn the importance of asset protection planning as you begin going through the estate planning process with your attorney. Each effort you make with your attorney to protect your assets using various tools such as creating a will or creating a trust, you are employing asset protection planning. You can protect your personal assets and properties, as well as assets and properties associated with a business you may own. There are some laws in place with regards to creditors, so follow the advice of your estate planning attorney with regards to how to handle (and remedy) these situations.
What are the various goals of asset protection planning?
You are going to work strategically with your estate planning lawyer to outline specific goals for your overall plan. All aspects of your plan must be addressed accordingly in terms of protection; otherwise your estate might end up in probate. Because probate court and probate attorneys each come with high price tags, you must ensure the funds in your estate are not depleting (quickly) by these unwanted expenses.
The addition of an incapacity plan is another important area you are going to want to cover with your estate planning attorney. The reason being is, if you are incapacitated, you want to ensure your assets and properties are protected effectively. If not, you may be in for trouble. Even if you do not believe incapacity is going to be a part of your future, plan for it anyway.
Stephen A. Mendel, Estate Planning Attorney
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