No doubt about it, Football is America’s favorite spectator sport. I read somewhere that the Super Bowl 50 broadcast was the most-watched television event ever, with over 160 million viewers. And, I must admit that I love football and have watched almost all of the Super Bowls!
This year’s game started me thinking of something that relates to my profession as an Estate Planning and Asset Protection attorney. In retrospect, it was easy to get caught up in the excitement of the 17-1 Panthers, with their great quarterback Cam Newton, and their explosive offense. But, now that the game is over, I am again reminded of one of football’s simplest, but most important axioms – GREAT DEFENSE BEATS GREAT OFFENSE!
So… are you making sure that you are playing great DEFENSE, namely practicing effective Asset Protection Planning?
Are you familiar with the recent US Supreme court ruling which held that inherited IRAs are not protected from creditors? Do you know what you can do to protect those inherited IRAs?
Do you know that a Private Retirement Plan does not have annual contribution limits, that virtually any kind of asset can be contributed to the retirement plan, and that there is no requirement to include employees or even spouses in the company’s plan? And, best of all, a Private Retirement Plan is completely exempt from creditors and judgments, including Bankruptcy, and does not run afoul of fraudulent conveyance statutes?
Would you be able to use a Qualified Personal Residence Trust (QPRT) to protect the equity in your home? How about a domestic Self-Settled Asset Protection Trust?
These are all defensive strategies that might save you from financial ruin if faced with a serious lawsuit!
But the thing is, timing is essential – to work best, these strategies must be put into place before a problem arises. The next meeting you have with your financial planner, accountant, insurance agent, or estate planning lawyer, express your interest in Asset Protection!