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Time For A Check Up

By John Dietz - Email Editor

Date: 10-Jan-2006

Getting calls from clients can sometimes be an eye opener (and this is probably an understatement for what I have recently heard). Many client’s implementation of an Asset Protection Plan revolves around some type of scare or threat from a potential creditor. This is the proverbial wake-up call. Some are lucky enough to have the threat be a false alarm; some are not so lucky. For the lucky ones, of course an Asset Protection Plan is prudent, and they generally don’t hesitate to put one in effect.

The reason to do Asset Protection is straightforward in your face and pretty easy to understand. I don’t think I have ever been in a conversation where someone who asked what I did for a living didn’t afterwards have a sincere interest in protecting their own assets.

So what’s the hold-up? Why do people wait to implement a proper Asset Protection Plan? We all know the simple answer: Life gets in the way. (Meaning people are too busy and have not been properly educated/motivated to move on this topic.) Therefore, isn’t this really a question of fiscal responsibility? Let me ask you some simple but important questions:

1. Do you have a will and/or Revocable Living Trusts?

2. If you have Revocable Living Trusts, do you have anything in them (because most clients set them up and never fund them)?

3. Do you have medical and legal powers to prevent the family from going to court in the event of an incapacitating injury?

4. Do you own real estate, stocks or other valuable assets in your own name (or jointly with your spouse or in your spouse’s name)?

5. Do you believe your assets are protected?

6. Are your assets protected in the event of a divorce?

7. Are you paying too much in income taxes, or is your family protected from paying too much in estate taxes upon your death (because the IRS is your number one guaranteed creditor)?

8. Are your investments protected from downturns in the stock market?

If you answered “NO” to any of these questions YOU NEED A CHECK UP FROM THE NECK UP!

-Is your net worth at risk?

-Are you a practicing professional?

-Do you run a business that is not incorporated (i.e. that it is a sole proprietor or partnership)?

-Do you have teenage children?

-Do you own a boat, plane, waverunner, snowmobile or other assets that can cause you significant liability?

-Are you a “high profile” type? This would include (but not be limited to) careers in travel, entertainment, sports, fashion, journalism, finance or medicine.

-Are you exposed on guarantees and obligations in the course of your business?

-Do you feel insecure at the thought of having everything you possess at risk?

If you answered “Yes” to any of these, then you need a CHECK UP FROM THE NECK UP!

At Trustmakers, we are currently providing an assessment of your situation. For a nominal fee our expert lawyers will give a full evaluation on what you have and how it can be made state of the art for 2006. Please feel free to email or contact our offices at 1.888.916.7070, option 2.

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