Asset Protection: How to Protect Your Assets When You Die
Why should I bother creating an estate plan with a Palm Beach estate planning attorney? If I do not create an estate plan, what will happy to my money when I die? How can I insure that the people I want to inherit from my Florida estate will inherit. Yahoo News reported, on August 24,2016, that a prospector found a 145-ounce gold nugget. Once he sells it in an auction, how will he protect his money?
Asset Protection and Florida Probate Litigation
- Protecting assets against loss is a common goal of estate planning.
- Asset protection trusts come in many different forms and can be used to protect property for the use and benefit of you as well as your families and other beneficiaries.
- An asset protection trust is a special type of irrevocable trust in which the trust funds are held and invested by the Trustee and are only distributed on a discretionary basis.
- The primary purpose of an asset protection trust is to keep the trust assets secure for the beneficiaries instead of being exposed to loss to the beneficiary’s creditors, in a divorce or to predators.
- There are two types of asset protection trusts you should know about: 3rd party trusts; and self-settled trusts.
- A third party trust is set up by one party for the benefit of another, while a self-settled trust is set up by one party for their own benefit.
Prospector Finds a Large Gold Nugget
- An August 24,2016 article from Yahoo News talks about how a prospector in Australia finds a large gold nugget.
- The article says that it is estimated to be worth around $190,000.
- How will he protect that $190,710?
- To read the entire article, click here.