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Asset Protection

4 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection can evaporate. This means one lawsuit and your life-long, hard-earned savings could be gone. Fortunately, there is an answer. A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. We’ll show you what we mean. When your child, or other loved one inherits your retirement account, their creditors have the power to seize it and take it as their own. If you’re like most people, you’re...

How to Protect Yourself From Lawsuits

By Matthew T. McClintock, J.D. Vice President, Education, WealthCounselThese strategies can help keep your assets safe if you wind up in court.  These days, lawsuits can happen to anyone, at anytime. In the United States alone, roughly 15 million civil cases are filed each year. For those who work in fields where lawsuits are common—doctors, lawyers, architects, business owners—getting sued seems inevitable. A study published in the New England Journal of Medicine found that 99 percent of physicians in high-risk specialties will deal with at least one malpractice suit before retirement age....

Qualified Personal Residence Trusts and Their Potential Use In Meeting Estate Planning Objectives

1. What is a Qualified Personal Residence Trust?   A Qualified Personal Residence Trust (QPRT) is a trust that holds a personal residence for a term of years, allowing the creator of the trust (grantor) to remain in the residence. When the term of the trust ends, ownership of the personal residence transfers to the beneficiaries of the grantor. The grantor can retain the right to rent the residence after the term of the trust ends. 2. Why Use a Qualified Personal Residence Trust? Qualified Personal Residence Trusts offer several advantages. An individual can accomplish the following...

Asset Protection Considerations for Business Owners

By Ryland F. Mahathey, Esq., CPA, LL.M. and Brad Milhauser, Esq., LL.M.Many business owners devote much time and energy “working in” their business to improve business operations and profitability; however, they often neglect to “work on” their business by not addressing certain asset protection issues. Business owners, particularly those owning their business in corporate form, should consider the following: 1) how to own C corporation or S corporation stock to minimize exposure to creditors, an “outside” asset protection issue; and, 2) whether to implement several basic business agreements...

How to Leave Assets to Minor Children

Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results. For example, many parents think if they name a guardian for their minor children in their wills and something happens to them, the named person will automatically be able to use the inheritance to take care of the children. But that’s not what happens. When the will is...

Keeping Assets in Challenging Times

By Mary J. Drury, Esq. I frequently get asked about asset protection; specifically about keeping certain types of personal property. About three times a week, the questioning commences with discussions about ATVs, boats, motorcycles and snowmobiles. Asset protection should start before you have financial difficulties; but even if you are in the midst of challenges, knowing your rights and limitations is worthy of a visit with an attorney. Nevada arguably has the most favorable list of assets excluded from the reach of creditors. This is in addition to Nevada’s other benefits, like the...