“Thought for the Day” #803 – by Stephen R. Elville, J.D., LL.M.

September 14, 2016

Are you “asset protected”?  Asset protection comes in different varieties – basic, such as the protections offered to spouses who own property as tenants by the entirety, protections for owners of IRAs and qualified plans, and protections for certain owners of life insurance and annuities; domestic, such as the protections offered in various “asset protection states” where it is possible to establish a self-settled lifetime asset protection trust; testamentary, such as the protections that can be provided for beneficiaries through the use of irrevocable spendthrift trusts established at death; or long-term care-related protections and asset preservation.  If you do not have a working knowledge of at least three of these four asset protection categories, your asset protection is at risk and you should seek the advice of your advisory planning team professionals.