When devising a comprehensive long-term financial plan, it is important to take steps to protect your assets. Individuals in certain professions are naturally vulnerable to creditors and claimants and, if you do not take action to shield your personal resources, the consequences can be devastating.
The key is to be proactive about planning ahead, long in advance of any difficulties arising. If you attempt to protect assets after a creditor initiates action, this can be viewed as an improper transfer and you may wind up in even more trouble.
Exactly how to structure your asset protection efforts will depend on the nature of your resources and your overall financial goals. Legal instruments commonly used include family limited partnerships, irrevocable trusts, personal residence trusts, limited liability companies, and others.
The intelligent course of action is to sit down and discuss your financial situation with an expert. Your attorney will evaluate your unique situation and gain an understanding of your objectives. This can extend outward to retirement and legacy planning. In fact, it is best to take a holistic approach because everything is connected.
How you want to provide for succeeding generations is going to impact how you act today. Your retirement goals will inform your ongoing decisions as well.
If you are serious about protecting your assets while mapping out a cogent long-term financial plan, take action right now to arrange for a complimentary consultation with a licensed, experienced, and savvy Oklahoma City estate planning lawyer at Parman & Easterday by calling 405-843-6100 or 913-385-9400. Additionally, please join us for an upcoming FREE seminar for more information.
Author, President and Founding Attorney
Parman & Easterday