Basics of Asset Protection – Part 4 of 4 Parts

Rule number 4: Create a Comprehensive Estate Plan In addition to following Rules 1 through 3, discussed in prior blogs, the creation of a high quality, comprehensive estate plan with the assistance of an experienced and qualified estate planning attorney is essential. Except for those with very modest estates, the best way to start such a plan is with a living trust-based estate plan.  Through such planning, you can include such asset planning strategies as income tax savings, property tax savings and estate and gift tax savings. The plan can protect assets from unnecessary legal fees and expenses by avoiding court proceedings in the event of your incapacity and after your death.  In addition, a well drafted plan can preserve assets by preventing unwarranted challenges through the proper use of a No Contest Clause. Such a plan will likely include provisions that can protect assets from the sometimes devastating costs of long term care. Finally, a well constructed plan will affo


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