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
Asset Protection
Self-Settled Alaska Trust Can Be a Good Choice
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
Qualified Personal Residence Trust Can Keep Your Home Safe
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
Comprehensive Planning Includes Asset Protection
Depending on the nature of your profession you may be exposed to actions initiated by claimants or creditors. As a result asset protection may be called for, and this is something that you will want to take into consideration sooner rather than later. If you were to try to take action to shield assets after you aware of some sort of claim being underway you could be getting yourself into a world of trouble. Improper asset transfers are not an option, but you can protect yourself if you … [Read more...] about Comprehensive Planning Includes Asset Protection
Limited Liability Companies & Asset Protection
You may have noticed the initials "LLC" following certain business names in much the same manner that you are accustomed to seeing "Inc." The latter abbreviation is used by corporations, and most of us are aware of how they operate since they have always been so common. But an LLC is in fact a "limited liability company;" notice that that last word is company and not corporation. In corporations the principle shareholders and officers can be held personally liable for the actions of the … [Read more...] about Limited Liability Companies & Asset Protection
