Protect Your Future With Asset Protection Planning
As important as estate planning is to ensure the smooth transfer of your assets from one generation to another or for philanthropic causes, asset protection is equally important to take reasonable steps to ensure those assets remain intact.
Asset protection can range from simple steps to complex planning. It involves the transfer of risk through insurance planning, the isolation of risk through business and estate planning, and the protection of wealth through commonly recognized estate planning techniques.
Asset protection is a preventive planning technique to protect your assets from the reach of future potential creditors. Asset protection planning should be considered by all high-net worth individuals. Further, individuals who are employed in high-risk professions (doctors, lawyers, real estate developers, etc.), own investment real estate, operate a business, have children, or guarantee loans should consider implementing asset protection into your estate plan. By the time you are sued or a claim is brought against you, asset protection planning becomes more difficult and less effective, which is why asset protection planning should not be put off.
Examples of common asset protection planning techniques include:
- Florida Homestead
- Irrevocable Trusts
- Family Limited Partnership
- Limited Liability Company
- Joint Tenancy Property
- IRAs and Retirement Planning
- Life Insurance
- Umbrella Liability Insurance
- Off-Shore Trusts