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