Asset Protection Planning Is Part Of A Comprehensive Estate Plan
Asset protection is a preventive planning technique to shield your assets from the reach of future potential creditors and can be an important part of your estate plan. 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 their estate plan.
By the time you are sued or a claim is brought against you, asset protection planning becomes more difficult and less effective. 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.
Solutions Tailored To Your Needs
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.
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
A Skilled Attorney Can Explain Your Options
Attorney Charles Weiss has been assisting high-wealth individuals in North Palm Beach protect their assets for more than 25 years. Put his experience to work for you by calling 561-848-9970 or contacting him via email.