There’s a constant drive in our society to continually acquire assets. After all, that’s one of the ways we accumulate wealth. We then ask an Estate Planning Attorney to help us pass on. However, simply gathering more and more assets isn’t always the best approach to building wealth. Those assets also need protection. A good Estate Planning Attorney will want to go over ways to protect your assets. Some of those ways can include:
- Estate Planning. Your Estate Planning Attorney will help put together a long-term plan that provides for your loved ones. Most people, however, don’t necessarily understand all the tax implications that go along with various aspects of Estate Planning. For example, certain Trusts can help your heirs avoid some taxes, meaning the amount you leave them will be larger. Some Trusts can shield your assets from the risks of life (for you and your heirs), including lawsuits, divorce, and bankruptcy. These are a few ideas to discuss with an Estate Planning Attorney. The difference a Trust can make will amaze you.
- Insurance. There are several types of insurance on the market. The types that will benefit you the most differ from those designed for large groups of anonymous faces. It is important to note that, when it comes to protecting your assets, having insurance provides a way to pay for the unexpected without depleting your own financial resources. Yes, it costs up front, but it usually works out to be much less than not having insurance when you need it.
- Business Structure. You may not consider the structure of your business as a means of protecting it but it can be. In fact, the right business structure will protect more than just the business. For example, if a sole proprietor gets sued for a faulty product or workplace injury his or her personal assets can be used to pay for damages. Operating under a Limited Liability Corporation (LLC), on the other hand, can separate your business and personal assets so that one is not affected by the other.
These are just a couple of the ways that Estate Planning Attorneys protect their clients’ assets. Of course, every situation is different and has its own needs. Your attorney should be willing to look at your situation from every angle to advise you on the best route to take.