We all have a lawsuit bulls-eye on our backs. Unfortunately, lawsuits, including frivolous lawsuits, are filed daily against good people like you. Asset protection planning, which is an important part of estate planning, can protect you, your family, and your assets. You’ve likely already done some asset protection planning such as purchasing homeowners’ and auto insurance.
There are many ways to protect assets and the method we use will depend upon your goals, assets, and family. As we briefly mentioned, purchasing insurance is the simplest form of asset protection.
Additional methods include:
- Setting up a business entity such as an LLC to own rental real estate or a business
- Including lifetime trusts for your spouse and children in your revocable living trust
- Purchasing long-term care insurance and/or Medicaid/nursing home planning
- Using domestic asset protection, spousal, children’s, grandchildren’s, or life insurance trusts
- Implementing offshore planning
Asset protection planning helps you reduce risk of loss of assets from lawsuits, including divorce, landlord/tenant, car accident, slip & fall, bankruptcy, business failure, malpractice, and the like. We’ll help you to analyze risk, options, and peace of mind to get the best level of asset protection in place for you and your family.