By: Martin M. Shenkman, CPA, MBA, JD
Asset Protection is mainly protecting your income over a lifetime of earning. You can take many legitimate steps to safeguard all of your assets. Many of them have been proven to be very effective. Here are some steps you can take to provide protection for your assets:
1. Develop a plan that works for you.
- Address your special unique circumstances.
2. Set up an IRA account or insurance policy to protect your assets.
- An IRA is protected up to a $1 million dollars from bankruptcy which makes it very sheltered.
- Insurance policies allow assets to stay under the control of your spouse or a member of the family.
3. Setup a lifetime trust to shelter assets from creditors.
4. Make sure you have an attorney who specializes in assets protection.
- Someone who is more skilled at these types of issues will greatly benefit you.
5. A living trust is not very effective towards asset protection.
6. Make sure your finical planner and attorney know about all your known assets.
7. Make sure you have all the proper insurance needed for your assets.
- Knowing what kind of insurance you have for your assets can benefit you and in turn save you money in the future.
The above is a summary of a TV show episode on Piscataway Community Television Network in Edison, New Jersey, and his guest Martin M. Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the video clip of this segment on www.laweasy.com for more financial tips.
Disclaimer: Law Made Easy Press® provides practical and legal, tax, estate and financial information for educational purposes only. The goal is to help you best work with your professionals to save costs, and to obtain better service and results as an informed consumer. There is no assurance that the laws or sample documents are current, that the forms will achieve the desired goal in all circumstances. Laws change frequently and vary from location. Therefore, you should always consult with a local attorney, accountant, or other expert.
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Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652
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