Although more people are recognizing the value of a simple estate plan, asset protection planning is also garnering popularity among people who are accumulating significant assets who wish to protect them.
It may seem intimidating to put together an asset protection plan as the very name seems to indicate that you may have significant wealth to your name, but the worst thing you can do when it comes to asset protection planning and estate planning is nothing. If you become incapacitated or suddenly pass away without an estate plan, you make things much more complicated for your loved ones.
You could also lengthen the process for them to go through court to deal with your various assets and this could be catastrophic for your taxes as well. Being exposed to risks over the course of your life should prompt you to schedule a consultation with an asset protection planning attorney.
Without the appropriate legal documents and strategies in place, there’s no guarantee that the people that you want to handle your estate or your business will be able to do so. Family members frequently don’t know how a deceased person wants to distribute their assets and what he or she wanted in terms of funeral arrangements.
Asset protection planning goes one step further to consider the benefits of protecting your interests now while you’re still alive from creditors and other predators. Schedule a consultation with an asset protection planning attorney to learn more about how the process of estate planning can assist you with establishing assets well into the future.