Asset Protection Planning in Colorado
More and more Americans are now concerned about protecting their assets from creditors, taxes, divorce, and other disasters. As your success grows (especially in business, professional practice or real estate activities), so does the risk that some individuals will see you as a threat to their own standing.
What is asset protection?
Basically, it protects the assets you build over your lifetime so that they are not susceptible to being lost in order to government agencies, nursing homes, lawsuits, divorce settlements, bankruptcy cases, or other predators. Asset protection includes two components: protecting your assets while you are alive and planning for what will happen to your assets after you die.
If you’re interested in protecting your property during life, keep in mind what kind of protection you want. For example, do you want to protect from creditors and predators or do you want to protect it during a nursing home stay? Protecting your assets during life or after death has strict rules, but they’re easy to follow when done properly.
Planning to protect your taxes is very different from protecting yourself from other creditors. There are many different types of asset protection trusts available and they all work differently. Some asset protection trusts allow you to retain control of your assets, and even use or benefit from them, without subjecting them to your creditors and predators. Others, however, prevent you from controlling or benefiting from the assets.
Some asset protection trusts allow the person creating the trust to modify the trust during their lifetime and use the trust assets for family and other intended beneficiaries, but other asset protection trusts prohibit these types of modifications.
The asset protection landscape has changed
A careful balance between protections during life and after death and protections from taxes, creditors, or nursing homes is critical. Asset protection planning has changed. In the last decade, we’ve seen many opportunities arise that hadn’t even existed before.
There is more of a focus on asset protection
More and more Americans today are now focused on protecting assets from creditors, taxes, parents’ divorce cases, or other predators. As your accomplishments grow, so does the risk that others will see you as a threat to their own success and try to take from you what you have worked so hard to obtain.
Contact Colorado Wills and Estates to discover all the ways you can protect what you’ve worked a lifetime for. We would be happy to discuss our asset protection strategies with you.