Asset Protection

The Estate Planning & Elder Law Firm of Michael R. Bascom

 

  Quick Read

 

  • The 12 biggest threats to your well-being are: Creditors, Predators, Taxes, Divorce, Remarriage, Bankruptcy, Loss of Income, Nursing Home, Death, Disability, Ignorance, and Casualty Loss.
     

  • The most effective protections are those that are put in place long before trouble strikes.
     

  • Owning a second home or rental property puts all of your assets at risk without proper planning.

The 12 biggest threats to a client’s emotional and financial well being are: Creditors, Predators, Taxes, Divorce, Remarriage, Bankruptcy, Loss of Income, Nursing Home, Death, Disability, Ignorance, and Casualty Loss. Interestingly the one that draws the most attention is the last one, and it’s the easiest one to solve. Your insurance agent can help you buy a policy to protect against the risks of loss by theft, fire, damage, and even flood. Peace of mind comes from thoughtfully planning for the other 11 threats.

 

Attorney Mike Bascom frequently helps clients successfully plan against these threats. He will analyze your existing assets and assess your level of risk. In plain language he will explain your risks. He will help you understand that your well being is dependent upon how you own your assets rather than what you own. Together you can decide on the plan that makes the most sense for protecting your life’s work. By making informed choices you can stay in control for as long as you want and receive the maximum protection allowed by law.

Second homes, rental properties and private business ventures can create unintended risks. Without proper planning, these assets can become the liability that decimates your estate.

 

Mike can help you successfully answer the question, “who should be the beneficiary of my retirement plan or life insurance?” Many clients are surprised to find that the answer was not as apparent as they thought.

 

Proper asset protection involves updating or implementing an estate plan, perhaps setting up new legal entities to hold title to selected assets, taking advantage of the available legal exemptions and proactively selecting the jurisdictions rules that will govern.

 

If you are ready to protect against these threats, give us a call at 770-889-3911. We are here to help.