Estate Planning Attorney
You may have heard of something called asset protection planning. Although rare, this is an aspect that sometimes comes up in estate planning. This is one of the more complicated financial concepts that may affect someone hoping to plan his or her estate. If you suspect your might need to take advantage of asset protection to protect your estate, you should immediately speak with an estate planning lawyer to learn more. This guide will go over the basics of how asset protection planning affects estates.
What Is Asset Protection Planning?
Asset protection planning is exactly what it sounds like. It is the process of creating a plan to protect one’s assets in the event that individual has a lawsuit filed against him or her. To put it in more basic terms, it is building protection against potential lawsuits. The first thing you need to know about asset protection planning is that you likely only need it if you have a good reason to assume someone will sue you soon. If you do not have any reason to suspect an upcoming lawsuit, asset protection planning is a completely unnecessary precaution. On the other hand, if you have already been sued, asset protection planning likely cannot do anything to help and you should seek a specialized attorney instead.
The exact way asset protection planning helps protect someone is quite complicated. You should speak with an asset protection planner if you seriously do need this service. Essentially, however, a planner makes it less appealing for anyone to file a lawsuit and less likely than any lawsuits against you will be successful through many legal strategies.
Asset Protection Planning and Estate Planning
If you are in the process of planning your estate and you suspect that a lawsuit is coming, your estate may be in jeopardy. This would not harm you, but the people you hope to leave your estate to. If this is the case for you, you should look into asset protection planning. There are three main benefits of asset protection planning:
- Wealth kept off public records
- Prevent future lawsuits entirely
- Make future lawsuits more favorable
A common misconception about asset protection planning is that it is only for the very rich. Anyone who has something to lose should consider it as an option. The real aspect that determines whether asset protection planning is for you is how likely a lawsuit is. If you are concerned about your estate being taken, the first thing you should do is speak with an estate planning attorney in O’Fallon, Missouri.
Thanks to the Legacy Law Center for their insight into estate planning and asset protection planning.