Even those estates that are not very complicated can be protected using four best practices in the asset protection planning process. Complex estates require multiple layers of protection in order to guard against common pitfalls that could significantly decrease the value of your estate.
A New York attorney was arrested in February due to charges of embezzling millions of dollars out of a deceased client’s estate. Who you choose to appoint to represent your best interests after you pass away is an important selection and this should be a person you trust and one who you believe would represent the best interests of your loved ones to the fullest.
High net worth individuals require extensive estate planning with multiple layers, whether it’s comprehensive tax planning strategies, sophisticated trust structures or wealth preservation techniques; the details associated with a multiple layer of protection at estate plan can be overwhelming. Sadly, it’s these complexities that can expose people to high levels of fraud, particularly if some family members might not notice the suspicious activity.
Being careful when selecting trustees for trust is vital for giving you and your family members peace of mind about your asset protection planning. Select someone who is both qualified and has the necessary bandwidth and comfort level to serve as a trustee. Far too many people choose a corporate trustee or a bank because they find comfort in the institution size and brand recognition.
However, there can be conflicts of interest in such a model. If that same bank, for example, also employs your financial advisor, while the arrangement is still legal, it can be a major conflict of interest. Make sure that you consider all of these aspects in putting together your comprehensive estate plan and in choosing the right lawyer to represent you and your loved ones.
The right attorney can help you navigate the complex estate planning process and keep you informed about what to anticipate as you go forward. The support of the right lawyer is instrumental in putting together your estate plan.