If your 22-year child is about to get married, what’s the first thing that comes…
Asset protection is something most people desire but are unclear on how to obtain it. The first step is to know what you’re afraid of…and when you should be afraid. Attorneys, accountants and other professional advisors should be very clear on the key distinctions of asset protection and the types of asset protection that can be obtained. Litigation, bankruptcy, divorce and catastrophic Illness are all valid concerns. What is the best way to defend against these creditors and predators and when should you seek protection from them?
Is protection desired during life (now), after death, or both? Determining this question will allow you to determine whether a revocable living trust or an irrevocable living trust (or both) is utilized. Revocable Living Trusts typically allow for the management of a person’s assets during their lifetime, whether incapacitated or not, and can provide asset protection for the inheritances of beneficiaries after their death. A properly drafted Irrevocable Trust created during lifetime can provide asset protection from most creditors when funded, but some client “control” must be given up….to trusted persons.
Part 2: What Are You Afraid Of?
Next month we will discuss plans that include Medicaid and the VA Disability Pension, as well as tax savings for you and your family.
It is vitally important to be clear and specific on your needs and goals, and then pursue the trust that best fits you…and your family. The Law Firm of Christopher W. Dumm has been working for 20 years to provide this specialized protection to families. Please join us for one of our monthly workshops to learn more about the asset protection options available to you, or contact our office today to schedule a consultation.
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