by Brian Mahany
It is never too early to start thinking about estate planning and asset protection. While most people think that these concepts are for the elderly, nothing could be further from accurate.
Asset protection must be done before there is a claim. Once you are sued or have even a potential claim against you, it often is too late to move your assets. Courts consider transfers after such an event to be a fraudulent conveyance. Moving your house into your brother-in-laws name can get you and him in trouble.
Working age people tend to get involved in more lawsuits than older people. The young neurosurgeon is much more likely to get sued than the geriatric patient in the nursing home.
Estate planning is much more than death planning. What happens if you are incapacitated? What happens if you and your spouse are both injured in a car crash or other accident. Who will take care of your kids? Do you want the state to decide what is in your best interest? In your kids best interests? If you are on life support, what family member should make medical decisions for you? I think you can see where this is going.
Without a will, living will and power of attorney, you could easily lose control of your finances, health care decisions and any say in how your family is to be cared for should something happen to you. Having a will and planning for these events eliminates a lot of family squabbles too.
Assuming you have kids, absent a will they will get whatever the court awards them at age 18. Are they ready to handle that? Most are not! Many parents set up trusts or provide that any inheritance just be used for tuition or certain specified living expenses until the child turns 21, 25 or older.
A good financial planner or estate planning attorney can help you plan for the future. A few minutes now can make a huge difference in the future. Unfortunately, most people don’t think of these things until the last minute or until its too late. If you want to show your family that you really care, break the mold and start your plan today.
For more information, contact attorney Bethany Kroes at (262) 970-8500 today. The estate planning and asset protection lawyers at Mahany & Ertl can help save your assets and protect your family’s future.
Mahany & Ertl, LLC. America’s Fraud, Asset Protection & Tax Lawyers. Offices in Michigan, Wisconsin, California & Maine. Services nationwide.