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Estate Planning Considerations in Asset Protection Planning

No asset protection plan is complete without due consideration of traditional estate planning. You can spend considerable time and resources preparing a solid asset protection plan that will fend off creditors and the courts, but many asset protection plans do not consider what happens when you eventually pass away. Do your family members and other heirs automatically inherit the asset protection plan that you’ve put into place? Does your asset protection plan consider not only who should benefit from your estate, but how they should benefit? Does the estate plan structure benefits for your family and heirs in such a way that the estate is protected from creditors and claims for generations to come?

Unfortunately with many asset protection plans the answer to these questions is “no!” A comprehensive asset protection plan should also address these issues. A good asset protection plan should protect your assets and estate from your creditors and the courts. However, it should also protect your assets and estate from the creditors and claimants of your heirs, and at the same time protect your heirs from themselves. By considering the full scope of estate planning techniques while putting an asset protection plan in place, you can protect your estate from the vagaries of life that may befall your heirs, such as divorce, bankruptcy, failed business deals and other lawsuits.

What is estate planning, and what documents and agreements should an estate plan include? Estate planning is the process of planning for likely or inevitable events in our lives and presently determining how we should address those events. A proper estate plan considers not only obvious events like death, but should also encompass issues such […]

Washington Legislature Proposes Estate Tax Increase

by Douglas Lineberry on February 18, 2010

As if intending to rub salt into what could turn into a significant tax wound for many people, the Washington legislature is proposing to increase estate tax rates. House Bill 3184 would increase Washington State estate tax rates from the current range of 10% – 19% to 20% to 38%. This is particularly troubling in […]