Answers 1. What Is The Difference Between Estate And Asset Protection Planning?
Estate Planning: Planning for the passing of wealth to loved ones at Death, with the least possible estate tax (which can be as high as 45 percent in 2009). Asset Protection: Planning to protect your assets while you are Alive As Well As After Death. You work hard to accumulate assets. You want to preserve your wealth (no matter how modest) and safeguard your nest egg. However, along the path to financial security, there are pitfalls that can cause you tremendous financial harm. Apart from bad investments and fruitless business ventures, you are confronted with high taxes and people, who view the use of the legal system the same way others view a lottery ticket.– Let’s go for the big one. Asset Protection Planning (sometimes called Advanced Estate Planning) takes into account your need to: • Protect your Assets during your Life, • Pass your Assets on in such a fashion as to Minimize Estate Tax, and • Protect your Assets from Lawsuits against your loved ones. Many people simply pass ass
