I've recently run into a string of situations wherein Asset Protection Planning could have saved my clients or their families significant monies and countless worries and headaches. The most important pair of words in that sentence is "could have," which, of course, begs the question "if?"
The answer to that "if" is simple, yet ignored by nearly everyone, every day. That answer is "if they had put in place an asset protection plan." Simply put, no plan, no protection.
Simple enough?
Of course, plans vary, and levels of protection vary along with those plans, but the bottom line is that everyone can benefit from the tools and techniques of asset protection planning.
The fundamentals underscoring the need for asset protection are counterintuitive to the American Dream - we want ot own things. Regrettably, everything you now own becomes a potential liability and a potential target.
A statistic related to me by a colleague recently was that it is now estimated that 1 in 3 Americans can expect to be dragged into a lawsuit. A staggering statistic - take a look at the person to your left, now take a look at the person to your right, one of you three are likley to be involved in at least one lawsuit.
Another staggering figure was related to me at a client's kitchen table. As we discussed the husband's pending return home from a short stay at a local nursing home, talk turned to the potential costs if he was unable to return home. The nursing home had quoted a rate of $7,480.00/month! It is easy to see how a modest estate may leave nothing for children, grandchildren or other loved ones with these levels of expenses for care.
A statistic related to me by a colleague recently was that it is now estimated that 1 in 3 Americans can expect to be dragged into a lawsuit. A staggering statistic - take a look at the person to your left, now take a look at the person to your right, one of you three are likley to be involved in at least one lawsuit.
Another staggering figure was related to me at a client's kitchen table. As we discussed the husband's pending return home from a short stay at a local nursing home, talk turned to the potential costs if he was unable to return home. The nursing home had quoted a rate of $7,480.00/month! It is easy to see how a modest estate may leave nothing for children, grandchildren or other loved ones with these levels of expenses for care.
Whether the particular desire or need is to protect real estate for heirs or from creditors, to protect assets for beneficiaries in the event of a need for medical care, or to protect business or family assets from unforseen creditors, or simply to avoid the erosion of esate value imposed by the probate process, steps can be taken to secure your assets, and to secure peice of mind.
First step, of course, is to contact an asset protection attorney to discuss what's at risk and what can be done to protect it.
It's time to take that step toward securing your assets, before it's another "could have" statistic.
It's time to take that step toward securing your assets, before it's another "could have" statistic.
* Note that this information is provided as general information only and does not constitute legal advice with regard to any particular set of circumstances. As with any legal issue, consult with an experienced attorney if you have questions regarding matters related to the topics discussed in the blog or video. Davidson Law Office and Attorney Kevin Davidson do not provide legal advice outside of an attorney/client relationship memorialized by a written and signed contract for legal services.
Davidson Law Office, LLP is an Appleton, Wisconsin law firm with a focus on business, asset protection and estate planning. Serving clients throughout Wisconsin from the heart of the Fox River Valley, with offshore asset protection services, intertnational business corporations, domestic business structures, irrevocable trusts, family living trusts, life estates, powers of attorney, and complete estate and family security planning packages. Attorney Kevin W. Davidson is a registered overseas agent for Anguilla B.W.I.'s Corporations Ministry. Free consultations.
