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Home » Estate Planning » Asset Protection Planning » How Can Asset Protection Planning Help?

How Can Asset Protection Planning Help?

July 29, 2011 by John Potter

When creating your estate plan, you may consider asset protection planning.  You can maintain control over how your assets are used after your death. In addition, asset protection planning best ensures that your loved ones are able to hold on to these assets, even during difficult times.

What can asset protection do?

Asset protection can allow you to keep the assets you pass to your loved ones safe.  With asset protection, you won’t have to worry about losing important assets during life’s many challenges.

Asset protection can be used to protect your assets during your lifetime as well as after your death, when they’re distributed to your loved ones.

  • Lifetime asset protection for yourself typically consists of good insurance planning and appropriate entity formation for business ventures.
  • Asset protection for your loved ones typically consists of the creation of asset protected trust shares.

Why should I protect the assets that I leave behind to my loved ones?

 

You never know when your loved ones may be involved in an unfortunate situation.  For example, divorce is becoming ever more common. If you’re leaving behind assets to your son or daughter, you likely want to make sure that these assets won’t be taken during the divorce process.

Bankruptcy and lawsuits are other common issues that may arise. During bankruptcy, all of your loved one’s assets may be taken.  Lawsuits may include malpractice claims, slip and falls, car accidents, business failure, medical crisis, and the like.

Where to Get Help

If you want to make sure that your assets go to the right people, you should discuss asset protection planning techniques.  If you have any questions, or if you’d like to include asset protection planning in your estate plan, consult with a qualified estate planning attorney.

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Filed Under: Asset Protection Planning Tagged With: Asset Protection Planning, Asset Protection Trust Shares, Business Entities, Insurance

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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