Asset protection planning goes one step beyond the foundation of estate planning to give you an additional layer of privacy and risk mitigation. While having a will makes probate easier and potentially faster, there are other thing you want to accomplish to ensure the wealth you’ve worked so hard to earn is not compromised by lawsuits or other threats.
In order to be as effective as possible, asset protection planning needs to be done now, when there’s no open threat to your finances. Waiting until a lawsuit has already been filed means that there are limited steps, if any, that you can take to reduce your risk.
While asset protection planning often achieves the same goals for most people the formal structure of your plan compared with someone else’s might look quite different. Meeting with a California estate planning lawyer will help you identify the personalized steps that make sense for your situation.
Asset protection planning is for everyone, but it is most frequently used by those who are at a higher risk of lawsuits. This can include physicians, real estate developers, and successful business owners or property managers.
In most cases, asset protection planning includes a Domestic Asset Protection Trust, life insurance, an irrevocable trust, and marital trusts. In some cases, a foreign trust might be recommended as well.
Are you ready to get started with a California asset protection plan but don’t know your next steps? Set up a time to speak with our estate planning attorney to discuss your case.