Many people believe that taxes, including the dreaded death tax, are the greatest threat to their assets and overall wealth. While minimizing estate taxes is certainly an essential component of any estate plan, particularly for individuals and families of high net worth, there are a number of other threats that must be taken into consideration.
Consider this: There are more lawsuits filed in the United States every year than in the rest of the world combined. While some of these lawsuits might appear frivolous, even downright absurd, one can never be sure what a judge or jury will decide. In today’s litigious society, people are sued over just about anything ”in particular, individuals and families who have significant levels of income and/or assets. This is why asset protection is one of the fastest growing areas of the law, and why every estate plan should have a well-designed and properly implemented asset protection component.
Your asset protection plan should help you accomplish two main objectives. First, it must protect you and your spouse from creditors and predators while you are alive and well. Secondly, it must protect your children’s inheritance against financial predators and creditors after you and your spouse have passed away. The latter can involve issues such as protecting your child’s inheritance in the event of divorce and/or remarriage is ”a serious threat considering that nearly half of all marriages end in divorce. Additionally, your grandchildren might need protection to ensure they receive their inheritances if your child passes away suddenly or unexpectedly, and your daughter-in-law or son-in-law remarries. Your children and other heirs might even need protection from their own poor decisions if they are not responsible enough to manage an inheritance themselves, or suffer from alcohol or drug dependency.
Law PA, we can use a wide range of strategies and legal tools to protect your assets for the enjoyment of you and your spouse, today, as well as that of your loved ones after you have gone. We can also help ensure that your assets will be protected for generations yet to come and to ensure your lasting legacy. The sooner you contact our firm to begin the process, the more options we have to protect everyone you love and everything you own. Contact us today to schedule a consultation.