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An asset protection plan that achieves its purpose must be based
upon a sound legal foundation that does not involve hiding or concealing
assets and which complies with legal and tax requirements. A proper
plan allows a client to achieve his or her objective of liability
insulation while fully and truthfully disclosing all assets. It
is actually the implementation of the legally appropriate plan that
gives a person the freedom to honestly own his or her assets while
protecting them with legally authorized measures. It is important,
however, to set asset protection in place long before the unplanned
event — a creditor attack, lawsuit, or death — comes
knocking at the door. For full protection, the asset protection
estate plan should be in place at the least three years before these
events.
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