Now that you have all this wealth, what are you doing to make it more difficult for undeserving people to go after it?
Asset Protection planning deals with more than just law suits. It also deals with uncovered medical or long-term health care bills, estate taxes, income taxes, and property and casualty coverage claims. You want to make sure that you have reduced and transferred as much liability risk as you can.
If you have been blessed and wise with your money you may have a very large net worth, that’s the good news, the bad news is that attorneys aggressively look for ways to bring suits against people with wealth who have unprotected assets.
If your estate is not large then proper asset protection planning may be as simple as having adequate insurance and making sure your assets are properly titled. If your estate is larger, then advanced planning may be necessary. You may want to look at the benefits of a fully funded Living Trust, or moving into more sophisticated high net worth strategies such as an Asset Protection Trust, Bridge Trust, Limited Liability Companies, Family Limited Partnerships, and Family Foundations.
When contemplating advanced planning strategies it will be important for you to have good legal and tax advice. We are more than happy to work with your CPA and Estate Planning attorney during this process on a team approach.
A true Wealth Advisor needs to be equipped to handle more than just investments. We believe one thing that really sets Schindler Wealth Management apart from banks, wire houses and other advisors is our ability to help our clients with their whole financial picture and give coordinated advice. Asset Protection is just one more important piece of that puzzle.