What Is An Estate And Asset Protection Attorney And Why Do You Need One?
Tax season just ended which often creates a sense of anxiety in many.
I encourage my clients to use this time for an annual review of asset protection plans to make sure any changes personally or professionally are still accurately reflected in their plan.
If you don’t have an estate and asset protection plan or attorney, you may want to consider at least scheduling a consultation after you finish reading this article. And, I want to assure you that estate and asset protection attorneys are not just for the super wealthy. Even though the word ‘estate’ may conjure up images of extensive land in the country with a large house reminiscent of Downton Abbey, I assure you, even the humblest of abodes can constitute an ‘estate’.
An Estate Is The Sum Of One’s Assets
Today, an estate means the net worth of an individual alive or dead. In other words, it is the sum of a person’s assets, legal rights, interests and entitlements. In fact, the services of an asset protection attorney are indispensable for anyone who has worked hard to accumulate assets and wants to protect against unexpected lawsuits and to make sure the assets are appropriately distributed when the time comes.
Specialists In An Ever-changing And More Litigious World Than Ever
Many people are unclear about the why an asset protection attorney would be necessary. I’ll explain. Asset protection attorneys are specialists in a world that is becoming more and more litigious. We make use of a variety of different strategies to create tailor-made asset protection plans for each person’s unique situation. Please be aware also that there is not a “one-asset-plan-fits-all” model. Any attorney who says there is, will not be worth your time.
So, now, what exactly is an estate and asset protection plan, you may wonder?
The answer in a nutshell: it is a customized combination of investment and financial instruments that a lawyer designs for each unique client.
Many people have a will and establish inheritance issues. However, while a will and distribution of assets is part of estate planning, there is much more to it. An experienced asset protection attorney knows that asset protection is an important and integral part of estate planning. They ask and answer questions such as the following: “How do you make sure your beneficiaries will put the assets you leave behind to good use?” “What can you do to pass your assets down to your beneficiaries and still qualify for government long-term care assistance?” “How do you get around a forced heirship regulation?” These, and many more, are just some estate planning issues your asset protection lawyer can help you resolve. A diligent asset protection attorney will also apprise you of all possible options – whether you end up using any of their suggested options or not.
An annual review is important once you have a plan in place because life is always changing.
For instance, a beneficiary may die or fall out of favor. You might start a new business. As you get older, your plans for the use of your assets may change. A good asset protection attorney will always be one step ahead of you. In the changes that happen in your life, he or she will see the need to revisit your asset protection and estate plans. In other words, an estate and asset protection attorney is going to become someone you will get to know and see more than once.