A strategic wealth plan for anyone who has a high net worth can be extremely valuable when approaching the subject of marriage. While divorce is not inevitable, it is certainly a risk that many different marriages might face. This is why it is advisable to consult with an experienced asset protection planning attorney for your own sake and for the sake of your future generations.
One of the most important steps for financial protection that a parent can take is to consult with a knowledgeable attorney and put together a dynasty trust or an asset protection planning trust. The best purposes of such a trust are to prevent your wealth from falling into the hands of future creditors, inappropriate beneficiaries, lawsuit winners or future ex-spouses.
Asset protection planning is a topic that parents should also consider as well as any individual person bringing a high number of assets into the marriage. Some of the most common types of assets that you may wish to protect with such a trust include real estate, inheritances, and financial gifts. Placing these inside a domestic asset protection trust or an irrevocable trust means that the property no longer belongs to you but rather belongs to the trust. Consulting with a knowledgeable asset protection planning attorney in Pasadena is well-worth your time if you are contemplating getting married.
