We have previously written about asset protection planning on this blog, noting that it is an important adjunct to estate planning. The basic goal of asset protection planning is to protect the assets you leave to your estate from creditor's claims. Trusts and carefully planned gifting are wonderful tools within an overall asset protection strategy.
In our previous two articles, we have been discussing important areas to be aware of when thinking about estate planning. So far, we have mentioned the potential importance of maintaining harmony in the family, avoiding probate, taking advantage of asset protection opportunities, tax planning, keeping attorney's fees manageable and making sure to select successor fiduciaries and contingent beneficiaries in your estate plan. Here we offer some final suggestions.
In our previous post, we began looking at an article discussing important matters all those engaged in estate planning need to consider.
Proactivity, as can be imagined-as opposed to acting out of necessity-is an essential aspect of effective estate planning. But it isn't always easy to decide which aspects of estate planning deserve the most or immediate attention.
The basic idea behind asset protection planning is the preservation of your life's savings, to ensure that the wealth you have accumulated will be available to pass on to those to whom you wish to leave it.
In our last few posts, we discussed some methods and tools that can be used by individuals that want to pass their wealth on to others while minimizing tax consequences and protecting the value of their assets. In this post, we will conclude that discussion by talking about a few other estate planning and asset protection strategies.
Over the last three posts, we've discussed the benefits of both living trusts and wills when it comes to estate planning. When it comes to picking one or the other, you really need to think about your needs. What are your assets?
The number of unmarried couples living together rose by 7.5 million, or 13 percent, over the past year. These numbers, collected by the U.S. Census Bureau, are indicative of a shift in both relationships and social norms. More and more often, couples are choosing to live together before they are married and, in some cases, cohabiting couples will never marry at all.
When celebrity estate plans are covered in the news, it's usually not because they are particularly outstanding for any good reasons. Take Anna Nicole Smith's courtroom battles for part of her late husband's estate. Even though both of the main participants in this debate have since passed, the battle over assets continues.
Over the past five years, a Texas probate judge has approved close to $450,000 in legal fees for a court-appointed guardian and attorney in a case involving the well-being of a 52-year-old disabled man. That money has and will continue to come out of assets left behind by the man's adopted mother.