Basics of Asset Protection – Part 1 of 4 Parts

The term asset protection is heard a lot in planning circles.  However, it has no definitive definition and its role depends on the context in which it is used. One aspect of asset protection is to protect the owner of those assets. Sometimes it refers to protecting those assets from possible seizure after a finding of liability, e.g., in a lawsuit.  Other times it refers to legally minimizing or avoiding (not evading) certain tax liabilities such as the estate and gift taxes.  Still other times it refers to protecting assets from unnecessary legal expenses such as probate and conservatorship proceedings or from having to spend down all of one s assets to pay for long term care. Another aspect of asset protection is to protect the assets that are intended for the chosen beneficiaries of one s estate plan.  Numerous situations can arise whereby those assets could be put in jeopardy without proper planning.  One example is a gift left outright to a minor in which case a gua
http://www.norcalplanners.com/blog/advanced-estate-planning/asset-protection-primer-part-1-4/

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s