Protecting Assets for the Next Generation

By WealthCounsel Staff on Aug 27, 2021 10:00:00 AM

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Fall is often associated with back-to-school time, when many clients focus on their children’s educational future. This makes fall the perfect time for estate planning attorneys to remind their clients how important it is to take steps to secure their children’s financial future as well. By incorporating asset protection in their estate plan, clients can not only provide an inheritance for their children but also protect the inheritance from creditors, a soon-to-be ex-spouse, and poor money management that can quickly deplete hard-earned assets. 

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One Size Does Not Fit All in Estate Planning

By WealthCounsel Staff on May 7, 2021 10:00:00 AM

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One-size-fits-all estate plans are impracticable due to the differences and varying complexities in each person’s estate. It is imperative to tailor an estate plan to meet each client’s needs and goals, so the drafting attorney must understand the character of the assets in the client’s estate and the planning options best suited for each client. Because high net worth clients are often very protective of their assets, planning objectives and recommendations for clients with large estates will almost always differ and be more complex than those for other clients. When estate planning attorneys understand the different planning techniques appropriate for larger estates, including the advantages and disadvantages of each, they can help high net worth clients create a plan that not only facilitates a smooth transition of assets to beneficiaries after death but also helps to sustain the longevity of assets.   

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