There are many ways to protect your assets but to do that, you’ll need to have a clear idea of where you want to end up in terms of your financial future. What are your financial goals? And, how can you protect all that you’ve worked so hard for?
- Retirement Plans are a great way to protect your assets in your later years. These can take the form of individual retirement accounts, salary reduction simplified employee pension plan; and the savings incentive match plan for employees. These accounts are transfer-on-death accounts, meaning that they’ll pay straight to the beneficiaries without having to go through probate.
- Life insurance is also a form of asset protection and involves a payout to beneficiaries when the holder of the insurance policy dies. There are a wide range of life insurance polices, including term, whole and variable.
- A Living Trust not only allows your heirs to bypass the probate process, but it also keeps your estate private, making it harder for overzealous sales people and con artists to target your loved ones.
- A Spendthrift Trust is a type of irrevocable trust that keeps your assets away from creditors and lawsuits. This might be a good option if you’re worried about a greedy ex or business deals that have gone bad.
Of course, this is just a small list of the ways to protect your assets. To learn more, contact our office today.
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
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