Why Do I Need to Protect My Assets?
Protecting your assets isn’t a concern reserved for the very rich. The sad truth is that we live in a litigious society and there are many people out there—perhaps even some who are close to you— who will use the legal system to take control of your money and property.
This happens quite frequently when someone passes away. Distant relatives from far and wide suddenly show up, wanting to claim a piece of the inheritance pie. Add to that divorced spouses and creditors and you can begin to see why asset protection is so important.
The question then becomes: how do you protect those assets and keep them in the family?
Fortunately, there are a number ways to keep your assets safe.
Protect Your Assets with a Trust
A trust offers a variety of benefits and depending upon how it’s structured, can offer additional protection against creditors and lawsuits. To do this, you’ll need a specific type of trust that limits control and access to your assets. An estate planning attorney can explain the different options and help you choose the right trust for you.
Protect Your Assets With a Separate Entity
Another way you can limit access to your assets is to create a separate entity, such as a limited liability company, a corporation or a family limited partnership. Each of these entities offer different levels of security and provide equally different levels of access to your assets.
Protect Your Assets with a Payable Upon Death Bank Account
Additionally, Payable Upon Death (POD) Bank accounts and joint accounts can ensure that some assets go directly to your beneficiaries without being probated.
Get Professional Help
Not all of these options will serve you equally well. And choosing the best way to protect your assets isn’t always an easy task. If you’re concerned with protecting your assets, talk to one of our qualified estate planning attorneys. We make it easy for you to get to know us by providing free estate planning workshops every month in Colorado Springs and Denver. Register for an upcoming workshop to learn more protecting your assets. It’s free, and if you attend the workshop, you’ll receive a complimentary personal consultation with one of our attorneys.