Asset Protection Planning

August 25, 2011

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It was not long ago that a typical family estate plan consisted of two wills, one for each spouse. Very few plans went beyond this. In today’s estate plans, however, a much higher percentage of people not only request that attorneys address asset protection, but they actually have estates and circumstances that may require it.

Asset protection is an important element of estate, financial, and business planning. With careful planning, you can reduce the extent to which your personal and family assets are exposed to claims and other lawsuits. Asset protection is now a driving force in many plans and places new demands on the attorneys, accountants, insurance advisors, financial advisors, and others who play a role in the estate and financial planning team.

Both federal bankruptcy laws and state laws greatly impact asset protection planning. Also, it is very important to note that such a plan is best implemented in advance of any creditor claims.

Following are some asset protection considerations:...

You may read more at the link below.

by: Philip R. Smith

Westfield Evening News
August 25, 2011

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