You’ve worked hard all your life to build up your assets. You’ve finally managed to acquire a decent asset portfolio. Now you need to protect those assets. One of the biggest estate planning mistakes people make is failing to recognize the need to consult with an asset protection attorney. They typically make this mistake because they do not realize how at risk their assets really are. After you take the time to consider the following ways in which your assets might be at risk, you will … [Read more...] about Do I Need an Asset Protection Attorney?
A revocable living trust can be a good choice as an asset transfer vehicle for a wide range of people, but it does not satisfy every single objective. We will examine the value of these trusts in this blog post, but first, we will look at the matter of matter of asset protection planning. Asset Protection Planning It is said that we live in a litigious society. Indeed, there are people out there who like to file lawsuits, especially if they feel as though the person they are targeting has a … [Read more...] about Asset Protection Planning and Living Trusts
People sometimes make inaccurate assumptions about various estate planning instruments. With this in mind we would like to take a look at a couple of misconceptions that are harbored by some individuals about revocable living trusts. The perception is that you are divesting yourself of personal ownership of the resources that you place into the trust. This can lead some people to believe that assets that have been placed into the trust are not subject to attachment by creditors or … [Read more...] about Living Trusts, Asset Protection, & Medicaid Eligibility
Anyone can be the victim of a lawsuit, and certain business dealings can result in creditors seeking to attach your personal resources. People who are in particular fields such as physicians and those who invest in real estate are especially vulnerable. Given the above, asset protection is something to take seriously if you are in possession of a significant store of financial resources. If you have access to assets that you put into a trust they are usually going to be unprotected because you … [Read more...] about Self-Settled Alaska Trust Can Be a Good Choice
Asset protection is an issue for many people, especially those who find themselves open to legal actions. If you are like a lot of us your home may be your most valuable asset, and protecting it is obviously going to be very important to you and your family. One way that you can do this while gaining tax advantages in the process would be through the creation of a qualified personal residence trust. With a QPRT you fund the vehicle with your home and you name a beneficiary who would assume … [Read more...] about Qualified Personal Residence Trust Can Keep Your Home Safe