Originally published by Robert Kraft.
Like most people, you likely fantasize about retirement — that blissful time when you won’t have to keep to a regimented schedule and will have time and money to relax, travel, have long visits with friends and family, and do all the things you longed to do while you were too busy working. What many people don’t understand, however, is that retirement doesn’t just happen; it must be carefully planned for. Your best option to ensure a happy retirement is to work with a first-rate estate planning attorney who has the experience and skill-set necessary to organize and protect your assets and your future.
Protecting Your Assets
One of the most important aspects of planning for retirement is protecting your accumulated wealth as well as increasing it. A sharp estate planning attorney can help you protect your assets from creditors and unnecessary taxation in a variety of ways, including:
- Drafting premarital and postmarital agreements
- Establishing irrevocable trusts
- Purchasing full-coverage insurance policies
- Organizing investments
- Creating a corporation (LLCs are not responsible for personal debts)
- Establishing charitable foundations
- Opening retirement accounts (e.g. IRAs and 401(k)s)
- Buying annuities
- Giving substantial amounts as gifts to your beneficiaries while you are alive
- Opening college savings plans
There are complex federal and state laws governing each type of asset protection so it is essential to work with an asset protection attorney in your own state who is familiar with local statutes as well as federal ones.
What You Are Protecting Your Assets From
Everyone is potentially at risk of having assets depleted by unnecessary taxes and frivolous lawsuits. It is not only medical and legal professionals who are targeted, although malpractice claims are very common. No matter what your occupation you may be held liable for:
- Personal injury claims resulting from a car accident
- Personal injury claims resulting from premises liability (e.g. slip and fall or dog bite)
- Personal liability lawsuits brought by present or former business associates
- Liability resulting from misconduct or criminal behavior (e.g. domestic abuse)
- Liability for being a guarantor of someone else’s debts
Because of the ever-present danger of being sued, it is essential that you avail yourself of the services of an asset protection attorney who will strategize methods tailored to your particular needs.
Creating Trusts Can Help You Keep Your Nest Egg Well-Feathered
As mentioned earlier, a significant way to maintain your assets even if you are in a high-income tax bracket and even if you have the misfortune to be sued, is to have your estate planning attorney guide and assist you in establishing one or more trusts.
The Benefits of Establishing Trusts
There are a great many types of trusts, each with its own purpose. One or more of these trusts may provide exactly what you need. For example, there are trusts specially designed to:
- Protect your funds from making you or a loved one ineligible for government benefits
- Protect beneficiaries who are too young or incompetent to handle their own finances
- Protect those who are irresponsible with money (spendthrifts)
Irrevocable trusts are most protective because they remove a portion of your finances from your control and put it the hands of a designated trustee. It is extremely important to have trusts in place to protect your finances should you or your spouse become incapacitated, for very few individuals have the money to pay for extended healthcare without the help of government benefits.
The Need for an Astute Estate Planning Attorney
If you want to have peace of mind when you think of your retirement, your best option is to engage the services of a well-informed estate planning attorney. He or she will create a plan that protects your assets from excessive taxation, prepares for potential calamities (like lawsuits or the need for long-term healthcare) and helps execute documents to make sure your wealth is distributed as you wish after your death. With a strong estate plan in place, you can enjoy looking forward to your retirement without worrying about contingencies.
About the Author: Tripp Wiles was born in Charleston, South Carolina. He graduated from The Citadel with a B.A. in Political Science and holds a M.A. from Hawaii Pacific University in Diplomacy and Military Studies. Tripp earned his Juris Doctorate from the University of Memphis Cecil C. Humphreys School of Law. He is a former Army officer and served in Germany and Macedonia. He is a former research analyst for both the U.S. Army Central Identification Laboratory-Hawaii and the Defense POW/Missing Personnel Office. Tripp is the author of the book Forgotten Raiders of ‘42. In December 2013, Tripp was appointed by Governor Nikki R. Haley to serve on the Charleston County School Board and was later elected for another term. Over the past decade Tripp has assisted hundreds of individuals in protecting their families and preserving their legacies through customized estate plans including wills and trusts. Tripp enjoys spending time with his wife and their three children.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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