Asset Protection is just one of your many financial goals. Most people
have Estate Planning, tax, and investment goals as well. The best planning
creatively combines Asset Protection with other strategies to help accomplish
your various financial goals.
What good is it if your financial advisor makes you more money if you pay
more in taxes? What good is it if you pay less in taxes, but lose it all
to a lawsuit? What good is it if you protect everything from a lawsuit,
but when you die, half of it goes to the government in the form of an
To solve this, you need a coordinated, integrated Asset Protection Plan.
Advisors cannot always sense your priorities or outcomes that are most
important to you. Sometimes you must sacrifice one financial objective
for another. We cannot stress enough the importance of having your financial
planner, insurance professional, accountant, and estate planner be equally
important members of your financial planning team in order to achieve
a fully-integrated plan.
Because Asset Protection and Estate Planning both use similar entities
and strategies, there are plenty of creative options at your planners’ disposal.
Asset Protection plans can also provide tax benefits. For example, a limited
partnership that lawsuit-proofs your assets might also save you estate
taxes. However: beware of promoters who use Asset Protection to push illegal
tax schemes, i.e. pure trust, international tax savings, etc.). Make your
planners explain the tax consequences of any proposed plan.
The primary purpose of your financial self-defense plan is to shelter your
assets against financial and legal threats, but how you protect your assets
largely depends upon your other financial and personal goals and objectives.
Ensure your spouse and others affected by your plan consider the inevitable
conflicts and trade-offs that your professional advisor should explain to you.
The Presser Law Firm, P.A. specializes in
integrating Asset Protection with Estate Planning. Most people needing Asset Protection also need an Estate Plan. Their
need for Asset Protection may have prompted their Estate Planning. If
you have a good Estate Plan, integrate it with Asset Protection. If you
don’t yet have an Estate Plan, The Presser Law Firm, P.A. can work
with you to create a new one.