Well, You Can't Have Them!

 Asset protection is an area of the law that is often closely associated with estate planning, although they are certainly not the same thing. Estate planning has a very different goal in mind than asset protection planning. Estate planning is the process of arranging your assets in a way that if you become disabled or you pass away, your wealth will be used and distributed according to your wishes.

Asset protection planning, on the other hand, is the process of arranging your assets in a way that if sometime down the road someone sues you, your assets will be protected to the greatest extent possible from a court order forcing you to turn them over to the plaintiff (the person or company who is suing you).

Although certain asset protection planning strategies can be very complicated and risky, there are other strategies that anyone can employ to ensure that a least a portion of their estate is "judgement-proof."

Buyer Beware

Blog Post by:  Melissa C. Platt, Esq.

We’ve all been in that situation before…the one where we’re standing there scratching our heads and asking ourselves how we just got pressured into making that purchase or signing up for that service. Unfortunately, sometimes the tactics used by salespersons or people presenting themselves as salespersons, aren’t just persuasive—they are downright deceptive. I’ll share a couple of examples from my own family, and then I’ll talk about what you can do to protect yourself and vulnerable loved ones.

Last summer, an elderly widowed family member had a salesman from a residential alarm system company knock on her door. This salesman was a “nice” young man attending school at BYU. Because of his connection with an institution that she knew, she trusted this young salesman to disclose to her all the details of the contract he was asking her to sign and didn’t read the contract herself. (The print was so tiny, I don’t think she could have read it, even if she had wanted to!). I don’t fault this woman for not reading the contract because I’m an attorney, and I’ve done it before too.

Market Woes

All the turmoil in the market over the last few weeks has many of us worried.  Will I have enough to retire on?  Should I get out of the market now or ride this "crisis" out?  These are all questions that have to be answered individually.  But there are sources of information that one should consider before making any knee-jerk decisions.  The Wall Street Journal is just one quality source for financial information that can help you make sense of what is going on in the financial markets today.

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