One of the primary goals for establishing an estate plan is to ensure that your client’s assets ultimately transfer to their heirs and other intended parties. For individuals engaged in business or with sizeable wealth, an asset protection plan could be essential in reaching that goal. A carefully crafted plan can help clients preserve their tangible property and other assets from creditor threats.
Creating a trust is the first step, but what if the trust isn't funded?
You probably recommend trusts over wills to many of your estate planning clients because revocable living trust-based estate plans provide a comprehensive solution for many of your clients’ needs. Of course, it’s not necessarily an either/or scenario. Your clients should also use a will to take care of any assets not in their trust and to name a guardian for any minor children.
Getting Up to Speed on Retirement Planning
Everyone dreams of retirement, especially those who hope to retire early. Unfortunately, few of us make financial plans for retirement. The typical American family only has about $5,000 in retirement savings. Some Americans are fortunate enough to have a pension or an employer-sponsored 401(k) plan or smart enough to set up their own individual retirement account (IRA). For them, the concern is less about saving for retirement and more about how to manage retirement savings as part of an estate.