What are estate planning strategies for protecting your assets?
What are estate planning strategies for protecting your assets?
Estate planning is a complicated process. It is essential that you work with an attorney and tax advisor to avoid making common mistakes. For example, it is important to use transfer-on death designations to pass on investment accounts. You should also consider the timing of distributions from retirement accounts, as they may need extra planning to minimize taxes. In addition, there are unique implications when owning a business.
A revocable trust is another way to protect your assets from creditors and lawsuits. However, these strategies can be costly and require dealing with people who may not be trustworthy. Luckily, there are many other inexpensive and simple strategies to protect your assets in the U.S.
In addition to asset protection trusts, you can also create an asset protection trust. An asset protection trust will protect your assets from unforeseen expenses like long-term care or unreimbursed medical bills. But it is important to make sure that the trust is set up before an incident that could lead to litigation.
If you have any questions or need an Asset Protection Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
