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The Plain English Attorney

The first protection perspective is ensuring an inheritance for the next generation. The second perspective is the same inheritance setup but incorporating a shield for personal or couple’s assets. And the third perspective is securing your own assets from lawsuit potentials and a possible divorce. 

Since I founded my law practice, I have consistently wanted to work with clients who preferred to plan ahead to avoid problems rather than clean them up after. This naturally led me to estate planning since using the right type of strategy and documents to avoid probate would have saved my grandmother a lot of grief when my grandfather passed on. When it comes to asset protection and Medicaid planning, I’m looking at the same philosophy through the use of the right types of trusts and other legal structures. However, asset protection planning has mainly been from only one perspective. Now we are looking at three different perspectives depending on the client.

The Protection Perspectives

The first protection perspective is all about ensuring an inheritance into the next generation is secured through the use of a revocable living trust avoiding probate but then sending the inheritance to Asset Management Trusts and IRA Trusts for the children’s generation. We already have recurring webinars on this strategy at www.InLawPlanningWebinar.com. The second perspective is the same inheritance setup but incorporating a Domestic Asset Protection Trust to shield most of your assets or a couple’s assets during your lifetime(s). And the third perspective is securing your own assets from all of these lawsuit potentials and from a potential spouse in the event of a divorce.

It is this last perspective that will be of interest to motivated people, particularly business owners, and already wealthy individuals considering marriage. (In the last few months, I have had several clients who brought up a need for this type of protection for their children.) This is the subject of my latest book The Divorce Firewall Strategy which is available now through Amazon at www.DivorceFirewall.com, and will be the subject of an upcoming webinar in the next month or so.

People work extremely hard to build their own financial success just to have others take it away. Once you know all of the different options available to you and your family, you can make up your own mind about how much protection you actually need. If any of these strategies are something you want to look into, then please give us a call at 919-844-7993 and we can set up a call.

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