Some form of asset protection needs to be part of every estate plan.? Why?? Huge jury awards to get a desired result (not necessarily based upon law) and the access to legal representation (created by contingency fees) have created a boom in litigation.
If you don?t have asset protection, you need it.? Although we explain the first lines of defense in this article, consult with a qualified estate planning attorney about your individual asset protection needs.
What Does Asset Protection Mean?
Asset protection planning means that, in advance, you take action to organize your assets and your business affairs to protect against potential risks.
Asset protection planning can be used to protect personal assets, business assets, real estate, and a professional practice.
Insurance is the First Line of Defense
Insurance is the first line of defense in asset protection planning.? Be sure you have strong coverage for your personal and professional lives, including basic property and casualty insurances as well as umbrella liability insurance and malpractice insurance.
Limited Liability Company and Family Limited Partnership
Consider limited liability companies and family limited partnerships to hold and protect personal assets, business assets, professional practices, and real estate.
These entities both insulate liability so a risk within one entity doesn?t expose assets in other entities.
In addition, assets within each entity can be protected as well.
Look at your own financial world and your estate plan?? Do you have assets at risk?? Do you look like a deep pocket?? What asset protection actions taken now may protect your assets later?
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Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.
Tags: Asset Protection Planning
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Source: http://www.legacycounselor.com/blog/2012/03/include-asset-protection-estate-plan/
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