Many individuals will choose to avoid probate through the use of a revocable living trust rather than a last will. Since you are placing personal assets into a trust you may think that you are removing these resources from your estate for tax purposes. You may also make the assumption that these resources are out of the reach of litigants or creditors. Unfortunately this is not true. Assets that you placed into a revocable living trust are indeed subject to attachment and they are considered a … [Read more...] about Income, Security, & Savings With Alaska Trusts
Safely Positioning Your Home
Asset protection is one of the things to take into consideration when you are positioning your assets and making plans for the future. When you are inventorying your assets, you will likely find that your home is the most valuable thing that you own. So protecting your home from creditors and claimants will be one of your primary objectives. If you are like most people, you intend to leave your home to your children someday. If you are concerned about estate taxes, you can protect your home and … [Read more...] about Safely Positioning Your Home
Be Proactive About Protecting Your Assets
Acting with the future in mind can be the key to financial success, which is why it is important to develop an ongoing working relationship with a northern Kentucky estate planning lawyer early on during your working career. By taking action in advance you can circumvent potential difficulties before they happen, and with this in mind, you may want to be proactive about protecting your assets. When you have sufficient wealth, you may want to position it so it cannot be attached by creditors or … [Read more...] about Be Proactive About Protecting Your Assets
How Can Asset Protection Planning Help?
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 … [Read more...] about How Can Asset Protection Planning Help?
Will I Lose Everything to the Nursing Home?
We often have elderly clients and their adult children come into our office with the fear, “Will I lose everything to the nursing home? Fortunately, there are often options to alleviate this fear and protect assets. Ryan and his elderly father, John, age 71, come into the office for a Medicaid/nursing home consultation. John is still living independently but is concerned about his future. He doesn’t want to be a burden on Ryan and his sisters and he doesn’t want to spend any more of his … [Read more...] about Will I Lose Everything to the Nursing Home?
Protecting Life Insurance from Federal Estate Tax
No one wants to lose half of the value of their life insurance to the federal estate tax. But that is exactly what can happen if you don’t plan carefully. You’re in luck because the federal estate tax is often a voluntary tax. You volunteer to pay by not planning. We suggest that you plan and avoid the federal estate tax. Unified Credit – Each individual can pass a certain amount during his lifetime or at death without paying federal estate tax. This amount is called the unified … [Read more...] about Protecting Life Insurance from Federal Estate Tax
How to Protect Assets from Lawsuits
If you’re in a “high risk” profession such as medicine, law, or real estate, it is likely that you are concerned about protecting assets from lawsuits. Asset protection is part of the estate planning process. And, while we always recommend that you carry good insurance, there are other techniques that can be used to protect your assets if a judgment exceeds your insurance limits. Here are some asset protection options for your consideration: Trusts By giving your assets during your lifetime … [Read more...] about How to Protect Assets from Lawsuits
Asset Protection Planning for Your Children
With asset protection planning, you are able to protect the assets that you give to your children during your lifetime and after your death. Creditors can take your children’s personal assets, but with careful planning the assets that you give to them can be protected from divorce, lawsuits, and bankruptcy. Divorce Divorce is more common than most people think. An in-law can quickly become an outlaw. If you have given your child assets, these assets can be subject to a divorce property … [Read more...] about Asset Protection Planning for Your Children
