Millions of Americans die each year without any type of estate plan in place, and this forces their families into the court system, where they experience huge expenses with probate and significant time delays when they would rather be mourning.
Procrastination is easy – especially when it comes to something where the benefits won’t be apparent until you are either incapacitated or have passed away. However, if you care about saving your loved ones thousands in legal fees, months of time, and a mountain of headaches and worries, then completing your estate plan is truly a caring act of charitable service that you should consider completing before it becomes everlastingly too late.
When you hear the word Estate Closing you may think of one of your favorite movies about someone dying and leaving their assets to family members in a creative fashion. Typically, there is a scene depicting the reading of a Will by the attorney around a large conference room table and the gasps of frustration or sighs of relief. Of course, shortly thereafter, everyone receives what was stated in the Will and the story moves on.
Some of you may just be diving into your books for last year and preparing to file your tax returns. In fact, you may be ahead of the game trying to tackle your books in February. Most small business owners extend and push their bookkeeping into the summer wishing they had done better bookkeeping this past year yet don’t know where to start.
In my book “Lawyers are Liars – The Truth About Asset Protection,” I begin by dispelling some of the most common Myths in Asset Protection. (I’ve made a few enemies in the process). I promise you that this information can save you thousands of dollars, as well as a tremendous amount of time and heartache. Let’s begin our asset protection journey by first destroying these myths.
Both LLC’s and Corporations will generally shield their owners (i.e. Members or Shareholders respectively) from liabilities incurred inside the LLC or Corporation.
One structure that is gaining more and more popularity and acceptance among jurisdictions is the Domestic Asset Protection Trust (DAPT). This is a special type of trust that can give significant asset protection in any type of lawsuit and is one of the best ways to protect your personal residence in a State where the Homestead Exception is so low it’s essentially useless!