Wills & Trusts - Asset Protection Planning

Asset Protection Planning can be a very important part of an overall estate plan. A lot of people are under the impression that by having a living trust, they have created a measure of asset protection for themselves. But there is no asset protection for a beneficiary of a trust if the trust has been established for themselves. Assuming that the trust is a joint trust for a married couple, the death of one of the spouses will create some asset protection for the survivor, but none for the spouses while they are both still alive.

Thus, another tool must be utilized to give asset protection and protection from various liabilities for the client during life. These can consist of utilization of limited liability companies and corporations, family limited partnerships, irrevocable trusts, ILITs and even umbrella liability insurance policies. Our firm will take the time to sit down with you and help you determine if utilizing one of these tools would be beneficial and cost effective for you.