If you think only wealthy people or those in high-risk professions need to worry about lawsuits, take a closer look. The truth is, anyone can be sued, and no matter how risky your job or how high your net worth, it’s a good idea to have an asset protection plan in place. Car accidents, foreclosures, […]
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Congratulations! You just bought a new home! Homeownership is a major life event and one of the biggest financial decisions most of us will ever make, and at this stage, the toughest obstacles on this journey are now behind you. You’re ready to start putting down roots and making your new house into a home. […]
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Between late October and early November, employers typically send out summaries of the benefit plans offered by the company, so employees can change or update these benefits during the open enrollment period. Employees use this window of opportunity to adjust their retirement plans, health, dental, vision, disability, and life insurance coverage. Whether your employer pays […]
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How Well Does the Corporate Veil Protect Your Personal Assets? After much due diligence, speaking with lawyers and business advisors, you decided that the asset protection afforded by a corporation or limited liability company (LLC) is important to you. You worked through the tax implications for all the different business entities with your CPA and […]
Read More(This is part 3 in a 3-part series). Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and […]
Read More(This is part 2 in a 3-part series). During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Fortunately, there is an answer. A special trust called […]
Read More(This is part 1 in a 3-part series). Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: in Clark v. Rameker, the United States Supreme Court effectively ruled that inherited retirement accounts no longer […]
Read MoreMy most sophisticated clients understand that estate planning is more than just “leaving stuff to your loved ones.” Your death provides you an opportunity to do something for your loved ones that is largely impossible during life. Having an estate plan which creates an asset protection trust upon your death is a gift to your […]
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Chapter 13 bankruptcy is designed for people that don’t qualify for Chapter 7, maybe your income is too high, or you have assets worth too much money. It’s also designed to allow you 5 years to catch up on your mortgage arrears (the amount you are behind on your mortgage payments). With a Chapter 13, […]
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