Asset Protection and Estate Planning
You have worked hard your whole life to provide for yourself and your family. Did you know your life savings could be taken away from you in the blink of an eye without proper Asset Protection and Estate Planning? In fact, those who have gathered assets are ten times more likely to be sued than those who do not! Society punishes those who work hard and save their money but fail to plan.
Asset Protection and Estate Planning is all about planning. The old saying “those who fail to plan, plan to fail” could not be further from the truth. The sooner you start protecting your assets, the sooner you will be virtually immune to lawsuits and other asset and estate invaders such as divorce, disability, and estate taxes. The later you start to plan, the less chances of success you will have. The time to act is now!
How much control you should have over your assets and estate will depend on your goals and your specific situation. If you want to protect your assets and estate, you should call us to discuss which Asset Protection and Estate Planning strategies are best for you.
Asset Protection and Estate Planning allows you to:
1) Decide who receives your home, personal property, etc. after your gone. If not, the state decides and your property may go to someone you do not want your property to be given to.
2) Decide who will be the guardian of your children and their assets after you are gone. If not, the state decides for you and your children may be placed under the supervision of someone you do not trust or who may use the childrens’ funds for their own benefit.
3) Protect your spouse and/or significant other. If not, the state decides how much your spouse and children will receive. Significant others receive nothing.
4) Plan for incapacity. Remember the name Terri Schiavo?
5) Plan for special situations such as Children, Disabled Children and Compulsive Shoppers.
6) Protect your business after your gone. If you have a business partner, your partner’s spouse may be your new partner when they pass!
7) Avoid costly probate charges that could leave your loved ones with nothing. The good news is probate costs can be almost completely eliminated with proper planning.
Don’t be cheap! Using prepared forms such as LegalZoom do not provide for individualization. Remember, your needs are different from everyone else. Asset Protection and Estate Planning documents are essential and can make or break families and can prevent your beneficiaries from fighting with each other creating a family war.
Finally, Asset Protection and Estate Planning documents should be regularly updated especially if there was a recent divorce, marriage, second marriage, step children or any children born after the original document was created.
Click on the links below for answers to Frequently Asked Questions about Asset Protection and Estate Planning.
Click on the links below to see which tools Attorney Colmenares uses to protect your assets.
Attorney Colmenares Does Not Recommend The Use Of Offshore Banks, Offshore Corporations, Or Offshore Trusts.
Reasons against offshore banks, offshore corporations and offshore trusts include:
1) The disclosure requirements to the I.R.S. can be extensive when using offshore banks, offshore corporations and offshore trusts. This can lead to a greater chance of being “red flagged” by the I.R.S., which can lead to a tax audit.
2) Although the laws of some foreign nations may be favorable towards asset protection, their court systems suffer in comparison to those of the United States. Do you want to litigate your case in a banana republic?
3) The costs involved when using offshore banks, offshore corporations and offshore trusts will quickly outweigh any potential benefits realized. It’s no wonder that most people who use offshore accounts close them within five years.
4) There is rampant theft of trust assets when using offshore accounts. Remember, banana republic countries have banana republic laws, banana republic court systems and banana republic law enforcement.
Are there alternatives to offshore banks, offshore corporations, and offshore trusts?
Yes. The good news is the State of Nevada has the best asset protection laws in the United States! Moreover, you do not need to be a Nevada resident to take advantage of the asset protection benefits of Nevada law. In fact, many of our clients live outside of Nevada.