Putting together a team of advisers to assist with insurance, taxes and other financial issues can help with security, growth and peace of mind.
The article from Kiplinger discusses asset protection strategies for affluent retirees, focusing on safeguarding wealth from potential legal claims, creditors, or financial downturns. It highlights the importance of understanding state laws regarding asset protection, as these can significantly influence the effectiveness of various strategies. Key methods include setting up trusts like irrevocable trusts, which can remove assets from personal ownership, thereby protecting them from lawsuits or creditors. Other strategies include the use of limited liability companies (LLCs) to shield real estate or business interests, and exploring insurance options like umbrella policies to cover excess liability. The article also touches on the benefits of gifting assets to heirs or into trusts, which not only reduces the taxable estate but also moves assets out of reach from personal liabilities. Additionally, it advises on the careful structuring of retirement accounts and the consideration of offshore trusts for those with significant assets, while emphasizing the need for professional legal and financial advice to navigate the complex landscape of asset protection effectively.
Business & Finance
Business and Finance
Business and Finance
Thu, January 16, 2025 
