When considering which assets need to be protected as part of an estate plan, it may seem like individuals or couples must have significant amounts of money in their bank account or other property to make creating an estate plan “worth it.” However, no matter if someone feels they don’t have “enough” property for an estate plan, it is always in their best interest to have documents in place to protect their assets.
What Individuals and Couples Should Include in Their Asset Portfolio
For individuals or couples, the answer to this question depends on various factors including their overall asset portfolio, goals for asset protection, and the type of asset protection planning they are interested in. Most commonly, asset portfolios will include:
- Bank accounts;
- Investment accounts;
- Real estate property; and,
- Retirement accounts.
Protecting Assets from Potential Liabilities
Without an estate plan, an individual or couple’s assets are vulnerable to lawsuits and other liabilities. If someone passes and an estate plan is not in place, beneficiaries may be subjected to probate which can be time and cost-consuming.
Asset Protection Strategies
The best way to protect assets is through a thorough estate plan. That can include one or a combination of the following:
Individuals and couples may also benefit from gifting some assets before their passing or transferring ownership of some assets. Nonetheless, it’s essential to consult with an asset protection attorney to determine which assets should be protected and which strategy best suits their individual needs.
The Asset Protection Attorney at Krause Estate Planning
Estate planning is a process that everyone should go through, regardless of their asset level. By taking steps to protect assets now, they can help safeguard them from potential liabilities in the future.
The dedicated asset protection team at Krause Estate Planning is ready to create a custom asset protection plan that fits your unique needs and circumstances. When you’re ready to learn more about asset protection planning or if you have any questions about how to get started, contact our office. We are here to answer any of your questions and help you create a custom asset protection plan that fits your unique needs and circumstances. We serve communities throughout Wisconsin including Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.