As a law professor once told me (and everyone else for that matter) “Paper’s Cheap!” For relatively low cost you can set up legal entities to protect everything you have. Novices when they first hear of the concepts of “asset protection,” “Tax reduction” and “estate planning” open saucer-like eyes as if meeting salvation only to then procrastinate and do nothing. There are many reasons given and needless fears that prevent action:
How can I get something to do everything when I can’t keep what I’ve got straight?
Isn’t part of the problem that you don’t have a plan now?
What if I fail to follow the plan in a material way;
You could loose the benefits of asset protection, but, Is having no plan better?
I’ll have to do the proper annual paperwork.
You already do the paperwork, are you benefiting the most from it?
I’ve heard all sorts of stories from my Barber, Bowling friend, Golf buddy, you know who!
Is that really the advice you really want to follow?
What happens when my needs change?
That’s exactly WHAT you need to Plan for!
Will I loose control of everything I’ve worked for to get some plan I don’t even understand?
You gain MORE control from an understandable and appropriate asset plan!
Then you think Geez, this will cost a fortune
Planning costs little next to just one lawsuit, business mistake or excessive estate tax!
Still, if you're like most, you do nothing until it is too late!! NOT one of these common justifications for dithering should stop you or even slow you down from exploring YOUR asset protection needs.
Does your company need to make and keep more money for you from business?
Do you protect yourself from frivolous claims at work, Employee suits for discrimination, ADA, and claims you may not even be aware? Well of course! Fail and you’re out of Business.
Do you want to protect your home, children’s college fund, retirement. Of course you do,
Do you want to cut costs, taxes, complexity, possible interference and public disclosure in passing assets down to your loved ones? You’d be foolish not to!
You can do this and more with a little preparation. A proper asset plan is understandable and appropriate for YOU. You control your costs of setup. You control what is done. You can create as many or as few legal protections as your circumstances require before lawsuits, medical emergencies and taxes take everything away from you. Once done, Your Asset Protection Plan will save money and provide peace of mind for the rest of your life. Few investments will ever be as worthwhile and long lasting.
All it takes to do all of this is thoughtful planning and guidance from an expert.
Joseph B. Barnes, Attorney at Law 203-877-6800 Thirty years of ServiceE-mail me at email@example.com or at CTAssetPro@yahoo.com