Asset protection is an important part of general estate planning. Being able to properly shield your assets from creditors is crucial in preserving your estate for your family. Creditors include, not only bill collectors, but anyone who obtains a legal judgment against you, such as with lawsuits. Asset protection can be tricky, though. Here are a few of the most common mistakes that people make when they attempt to protect their assets. Seeking the advice of an estate planning attorney can help you avoid these mistakes.
Topics covered in this report include:
- Seeking Counsel Too Late
- Hiring an Inexperienced Attorney
- Protecting Too Many Assets
- Overlooking Life Insurance and Annuities
- Neglecting to Update Your Plan
- Retaining Too Much Control
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A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
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