TAKE THE NECESSARY STEPS TO PROTECT YOUR ASSETS
Jan. 2, 2014
A lot of people procrastinate when it comes to estate planning. They tell themselves that they will have plenty of time to take care of it when they are old and gray, but the truth is that you are taking risks when you look at things this way.
For one thing, you really don't know when you will pass away. Yes, there are average life expectancies and they are useful to consider. But in the end fate holds our destinies in its hands, and when you go through life without an estate plan it is your loved ones who are being placed in a precarious situation.
Another reason why it is a good idea to put an estate plan in place well in advance of your senior years is because of the fact that asset protection may be necessary. You may be in a line of work that leaves you open to the possibility of claimants or creditors stepping forward seeking satisfaction.
It is important to separate your personal assets from business holdings, and this must be done well before any actions are undertaken by entities seeking redress. If you try to reposition assets after you gain knowledge of such actions you could be cited for an improper transfer of assets compounding an already difficult situation.
Asset protection is an important component to a comprehensive plan for the future. If you would like to discuss the matter with an expert, simply take a moment to arrange for a consultation with a licensed and experienced Riverside estate planning attorney.