Asset protection is only one of many financial goals. You must coordinate it with your Estate Planning, Business Succession Planning, as well as your tax, investment and other 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? Or 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 Estate Tax?
You want to create a comprehensive, integrated financial plan. For example, we integrate our client’s Asset Protection with their Estate Plan. People who need Asset Protection often have no estate plan – not even a simple will. Their need for Asset Protection oftentimes prompts Estate Planning. We can oftentimes accomplish creative results when we combine Asset Protection with Estate Planning.
Asset protection plans might also offer legitimate tax benefits. For example, we may use the limited partnership to lawsuit-proof your assets but the limited partnership may also save you significant estate taxes. Of course, you want to make sure you are aware of all the tax and other financial consequences of any proposed plan.
For an integrated plan, you should involve your financial, tax, and estate planning professionals. They’re essential members of the team. We encourage this team approach to our clients’ planning – particularly those who have considerable assets or complex estates. Our clients are quite satisfied when we plan their finances together with their other advisors. They then feel that their several financial concerns have been fully addressed and coordinated.
For more information, contact The Presser Law Firm, P.A. for a complimentary preliminary consultation.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com