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Wills, asset protection aren’t just for the wealthy

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When many people hear the phrase “asset protection” they immediately tune out, because they think it relates to business owners or those who own property. However, it’s a much wider-ranging phrase than it may initially seem to be.

Do you own a checking account? What about a savings account? Have a retirement plan? Any sort of mutual fund, stocks, bond investments? What about a house – or even a car?

If you said yes to any of the above questions (or many others), you have assets.

Assets are defined by Investopedia as “a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.”

In other words, it’s something that has value. And for estate planning, that value can be measured in different ways. From a hilarious family story behind a trinket to an expensive work of art, you value things differently – and it’s up to you what happens to these valuables.

There are a few areas where our asset protection expertise is invaluable.

Creditors are always looking to get what they believe is rightfully theirs. And though a person’s death does end claims for some companies, others can still go after a person’s assets. A good estate plan can dictate how people and companies are compensated, but it can also include ways to limit the amount of assets taken away from your estate.

An estate plan also reduces the strain of decision making on your loved ones. It’s hard enough to deal with the passing of a family member or trusted friend. Having to sort through a person’s things and determine what to do with them becomes a difficult part of the process, but it can be easier having a plan set in place so everyone knows what to do.

There are also ways to defer or even avoid taxes on many assets! This keeps more of what’s yours in the family and going to charities or other places you want your assets to go. And that’s why taking the time to consult an expert estate planning attorney like us makes sense, because we protect your family from undue financial and emotional stress.

If you’re unsure, we offer free two-hour workshops on a monthly basis – a great place to bring your questions!

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