The old adage is absolutely true — you can’t take it with you when you go. The primary purpose of estate planning is to be certain that you provide for your heirs in the best way you possibly can, and that includes planning for what happens during your lifetime as well as the disposition of your property at death.
Asset protection is an important component of your estate planning. It can help you identify and fend off potential threats to your assets and to the income your business and investments are capable of producing in the future. It goes beyond traditional estate planning, which focuses on tax mitigation, avoiding probate, smooth property transition, and ensuring that the intended property goes to the intended beneficiaries in the intended manner after death.
Asset Protection Planning for Your Loved Ones
Wealth can be vulnerable to risk, depending on what the property is, and the manner in which it is held. Potential threats to what you have and hope to leave to your heirs can come from several different quarters, including:
- Federal and state tax authorities
- Court rulings
- Plaintiffs who file lawsuits
- Litigious in-laws or spouses
Legal liability theories plaintiffs rely on are expanding, and more litigation is occurring nationwide. Affordable insurance coverage that is appropriate and adequate has become more difficult to obtain. Asset protection planning is critical, now more than ever, if you hope to protect the assets you have worked so hard to accumulate and pass on to the ones you love.
A Holistic Approach to Estate Planning
The traditional piecemeal approach to estate planning is no longer adequate to protect your assets. If you obtain insurance coverage for certain contingencies, the provider may choose to deny coverage or for various reasons, cancel a policy. A business entity established for estate planning purposes may become insolvent. A trust may provide only partial protection and may not prevent your assets from being attached in a lawsuit.
Asset protection planning is a holistic approach that closes the gaps traditional methods leave open. It requires sensitive strategies that take various factors into account, including your personal values and priorities, your business ambitions, and ever-shifting market conditions. It involves long-term planning, minimizing the tax burden on your estate, and preserving the family wealth for your heirs.
Pasadena Asset Protection Planning Attorney
Our asset protection planning lawyers at DCDM Law Group can provide insightful assistance with sophisticated asset protection and estate planning strategies. We have the detailed knowledge of financial methodologies and instruments, and the experience to help you protect your assets and provide for the disposition of property to your heirs in the best manner possible, according to your wishes.
Our lawyers have been awarded 10.0 Superb Avvo Rating. We are well-versed in the art and science of asset protection, and we can help you avoid common obstacles that threaten your wealth and assets and your peace of mind. Contact us by phone or email to schedule an appointment to discuss how we can help you with your estate planning and asset protection needs.