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Asset Protection Planning:
Things to Consider

With news headlines announcing multi-million dollar jury awards in lawsuits, it’s easy to understand why asset protection strategies might be needed.

Individuals may be interested in asset protection planning to protect against

• unknown future creditors,
• current creditors,
• potential ex-spouses, and
• the IRS and other taxing authorities.

 

Those protecting their assets from exposure to liabilities should consider taking advantage of a number of tools:

• Purchase appropriate kinds and amounts of liability insurance.
• Make gifts to spouses or family members.
• Create business entities that segregate personal assets from business liabilities.
• Put money into assets that may be wholly or partly exempt from the claims of creditors, including
• home,
• pensions,
• IRAs,
• life insurance, and
• annuities.

Since the rules surrounding asset protection are state-specific and fact-specific, it is wise to involve a client’s professional advisors during the process. The skills of the client’s attorney, CPA, insurance professional and financial professional may all be required to formulate a comprehensive asset protection strategy.

Please contact Tracy at 504-212-3440 or estateplanning@lawealthplan.com to set up an appointment with Todd or Chip to discuss tax planning or other matters of financial concern.