Unfortunately, the IRS is not alone in its desire to stake a claim on your hard-earned assets. The fact is, we live in a highly litigious society. People today file lawsuits over just about anything, including whether the coffee they ordered was too hot. Worse, you never really know what a jury might decide, regardless of how frivolous the lawsuit may appear. This helps explain why Asset Protection Planning is such a rapidly growing area of the law, and why it is so important for you to have a plan of your own.
Your Asset Protection Plan should accomplish two main goals: Protecting you and your spouse from predators looking to make a claim on your assets while you are alive, and protecting your children’s inheritance against predators after you are gone. The latter can involve such issues as ensuring your child’s inheritance is safe should he or she get divorced—no minor concern when you consider that 50% of all marriages today end in divorce. Your children may even need protection from themselves if they are too immature to handle a large inheritance, for example, or if they suffer from drug or alcohol dependency.
We can show you many methods to protect your assets for your enjoyment during your lifetime, and for the enjoyment of your loved ones after you are gone. Of course, none of these methods are available to you if you don’t have a plan. The best time to make one is now.
For further information about asset protection click the below given links:
- What Is Asset Protection Planning?
- Are Certain Assets Already Protected?
- Which Steps Are Involved In Asset Protection Planning?
- What Is An Asset Protection Trust?
- How Vulnerable is Someone’s Home To A Lawsuit?
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