Much of our life is spent reacting to a variety of both expected and unexpected circumstances. Many of these situations can be handled with ease, but sometimes we encounter a situation that forces us to think about how we would react and what we would do differently. Perhaps a relative, close friend, or colleague, has gone through a hardship or maybe a tragic or scandalous story becomes national news. As a result, we begin to map out what our response or our plan would be should we find ourselves in the same situation.
While we formulate our plans in our mind, we often fall short of formalizing that plan into written legal documents, leaving ourselves vulnerable and with limited options. If we wait until we are sued to start thinking about protecting our assets, inevitably assets are lost that could have otherwise been protected had the necessary steps been taken prior to the suit. Many people assume that they are already protected, that they do not have enough assets to protect, or that they are not at risk of being sued, but reliance on those assumptions is fatal. It is best to seek the counsel of Asset Protection experts to ensure you understand where we are vulnerable, what options are available in order to eliminate those vulnerabilities, and to formalize this plan with proper legal documents.
Estate Planning is another area where formalizing your wishes is critical to guaranteeing that those wishes are carried out upon your passing or in the unfortunate event you become disabled. If you die without a will or a trust, your assets will pass by intestacy under your state laws, however this distribution may not align with your wishes. Perhaps you want to choose the executor of your estate or the guardian of your minor children, rather than have the court decide. Maybe you want to ensure that your children from a previous marriage inherit their fair share, or maybe you’re worried about protecting your special needs child’s future inheritance.
Should we become disabled and unable to handle our own affairs, most people want their spouse, children, or a loved one who they trust to handle their legal, financial, and medical decisions, but without the properly executed legal documents, the court decides. Creating a formal estate plan can avoid probate costs, save the maximum estate taxes allowed by law, and keep assets in the bloodline for the benefit of grandchildren, among other things.
We want to ensure that should anything happen to us, that we personally, our family, and our business continues to thrive. A cohesive Asset Protection Plan and Estate Plan, crafted by experts, and designed to handle both the expected and unexpected, are necessary to protect us during life and after death. Don’t wait to formalize your wishes.
For additional information about Asset Protection planning and Estate Planning, contact The Presser Law Firm, P.A. for a complimentary preliminary consultation. The Presser Law Firm P.A. 6830 N. Federal Highway, Boca Raton FL 33487 (561) 953-1050 or e-mail info@assetprotectionattorneys.com