Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution! Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims […]
Leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution. Unfortunately such a scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. […]
A common misconception is that only wealthy families and people in high-risk professions need to have an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that may decimate your finances, leaving you with far less to […]
During your lifetime, your retirement account has good asset protection, but as soon as you pass that account to a loved one, that protection could evaporate. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Your heirs could be left penniless. Fortunately, there is a solution to this problem. […]
