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For asset protection
As you begin and continue to accumulate wealth, it is important to think about asset protection tools to protect what you have from potential creditors and legal judgments. Asset protection is evaluated based on your own unique situation and protection strategies may need to change as your assets change and the law changes.
Asset protection intertwines your financial goals and estate planning goals. Through financial planning you will know what assets you currently have and intend to acquire that will need to be protected. Estate planning will address who will manage your finances if you cannot do so yourself and determine who will receive what assets after you are gone.
A review of all of your assets must be part of the estate planning conversation. An estate planning document alone is not enough to protect you. For example, beneficiary designations can go terribly wrong. Do you remember who you named on your retirement plan beneficiary designation form?
If you have not kept your beneficiary designations up to date, such as if you have an ex-spouse named, then those assets will go to that ex-spouse. Even if you are remarried, your current spouse would not likely receive any of those proceeds, unless he or she goes to court to fight for them.
If you named a minor child as a beneficiary, then a court-appointed guardian will have to be appointed to manage the funds for the child until he or she is 18 years old, at which time the proceeds will be distributed outright without any restrictions, guidelines, or guidance.
Susan Hunt Law creates comprehensive, tailored, personalized estate plans. We dive into the type of assets you own in order to help protect your assets while you are living and the transfer of your assets to your beneficiaries when the time comes.
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