Estate planning is one of the most difficult aspects of personal finance. As humans, we tend to procrastinate on dealing with our own mortality and often focus on seemingly more important issues facing us today. However, estate plans play a significant role in reducing frustration for loved ones, especially in the digital age. While most people realize that estate plans should be created to help distribute physical property such as real estate or jewelry, there is a growing need to consider intangible property.
Posts Tagged: Asset Preservation
Prepaid college tuition plans are no longer the surefire solution to runaway tuition costs. However, they may be a way to save for college by locking in at least a portion of future tuition at today’s prices.
Could you be legally liable for paying for your parents’ care?
Sudden wealth can be a life-changing experience that can improve your life and the lives of those around you, but only if you keep it. Those with more assets are bigger targets for lawsuits. Don’t let your sudden wealth suddenly get stripped from you. Protect your assets before you get the windfall and you will sleep a little easier knowing your assets are better shielded.
Trusts are powerful tools that can give rise to important benefits. But not everybody needs one.
A recent case demonstrates the pitfalls of poorly done asset preservation planning. Sadly, this is typical of most mass-marketed means of “bulletproofing” your assets.
“Unless we learn to expand the boundaries of our field of vision and opportunity, we will not see enough opportunity to maximize our harvest. Better by far to emulate the immigrant and see more widely, and seize opportunity wherever we find it.” Glenn Llopis
This article answers some of the most frequently asked questions about estate planning.
Many people faced with mounting pressure from creditors are looking for ways to protect their assets. Once you are in financial trouble, it may be too late. Proper asset preservation planning must be done and implemented before the storm clouds gather.
Our legislature has created a new and effective tool for addressing creditor protection concerns. It’s not for everybody, but it can be a very formidable defense against financial losses resulting from unexpected liabilities.