More lawsuits are filed in the United States every year than in the rest of the world combined. For trial lawyers that’s great news, but not for the rest of us. Even when a lawsuit seems frivolous, you never know what a jury or judge might decide. This is one reason why asset protection is such a rapidly growing area of the law. Another reason is that nearly half of all marriages in the United States end in divorce. Second marriages and blended families can create estate planning challenges that require a strong asset protection component in your estate plan.
Your asset protection plan should accomplish two primary goals. First, it must protect you and your spouse from creditors, lawsuits and predators. Second, it must do the same for your children’s inheritances after you and your spouse pass away.
In addition, your grandchildren’s inheritances might need protection if your child passes away and your son-in-law or daughter-in-law remarries. Unfortunately, your children might even need protection from their own poor decisions, or if they are not responsible enough to manage an inheritance on their own.
At Richman Law, PLLC, we can use a wide range of legal strategies and tools to protect your assets for your enjoyment today and that of your loved ones after you are gone. Contact us today to learn more and schedule a consultation.