Coordination of Estate Planning and Asset Protection Maximizing the Financial Security for the Total Family Unit A coordinated asset protection and estate plan has become a necessity for entrepreneurs and other businessmen, medical and other professionals. There is almost universal acceptance of the need for estate planning to minimize taxes and provide how property is distributed after death. The idea of safe guarding assets during one’s lifetime is not a new idea either, but it has only recently come to the forefront for several reasons.There has been an explosion of new variations on existing theories of legal liability available to our customers, clients and patients.There has been an escalation of the amounts juries are willing to award, andBecause there is more money involved, more lawyers are willing to pursue these theories of liability on a contingent fee basis.Taken in concert, these three factors have fueled an explosion of litigation with sometimes devastating and disastrous results. Over 30 million lawsuits were filed in the United States in 2003; many of them may have been without merit.Asset protection planning is a well recognized practice area of the law. Several years ago the Real Property, Probate and Trust Section of the American Bar Association created an Asset Protection Subcommittee. Within the last 10 years, almost 4 states and 20 countries have passed some form of asset protection trust legislation. In the recent past, asset protection planning was often done without any regard to a person’s overall estate plan. Similarly, many estate planners did not incorporate asset protection planning into their recommendations. As wealth preservation planning has evolved, it has become recognized that asset and estate planning are not only compatible, but that they should be done as one process. Asset protection planning should be considered as your lifetime asset preservation plan and estate planning should be used to mitigate taxes at your death and provide a vehicle to transfer property according to your specific wishes. Very few planners open this discussion, let alone understand available sophisticated strategies and techniques that completely coordinate with the clients overall, yet specific, financial objectives.We believe a proactive and forward thinking planning consultant finds the subject necessary and therefore promotes to integrate the two disciplines of asset protection and estate planning into one process. This is our philosophy. Additional Discussion Have a Question Name Email Phone Question Thank you! Oops!