Choosing the right tool.

The most basic goal of any estate plan is to avoid probate, but there are other serious considerations.  A carefully drafted Will and Trust serve as the foundation of asset protection, but cannot and must not be the end of the analysis.  Business owners, for example, have special considerations that must be coordinated with their estate.  Protecting assets that you have not yet inherited, as well as protecting assets from your children's or spouse's future creditors requires careful planning.  Additionally, the law is constantly changing, so even if you have an estate plan, you should have it reviewed annually to ensure compliance.  The most important questions are:



What type of asset is it?

Examples include:  Personal residence, autos, business property, cash holdings, other real estate



What is the potential liability?

Examples include:  Taxes, Medicare/Medicaid, civil judgments, divorce, business debt, personal injury claims, other debts

Asset Protection.