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 . Additionally, please join us for an upcoming FREE seminar for more information.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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