Estate Planning and Asset Protection

WHAT HAPPENS TO MY ASSETS IF I DIE WITHOUT A WILL OR TRUST?

If you don't have a trust or will, have you asked yourself what will happen to your assets when you die? Many of the people who say, "I'm too young to have a trust or will," or, "It costs too much to have a will prepared," don't know what will happen to their assets when they die.

For instance, married couples are often surprised to learn that all assets do not automatically revert to the survivor in the event of the spouse's intestatedeath. They are even more surprised when they learn that their great-grandchildren may receive assets.  more...

LIVING TRUST

Mention estate planning and many people assume a Will is all they need. If more people knew the limitations of the Will, however, fewer of them would be relying on it as a primary estate planning device. Take a look at just a few of the areas where a Will falls short: Probate is the legal process through which the court makes sure that, when you die, your Will is legally valid, your debts are paid and your assets are distributed according to the provisions in your Will.

What's so bad about probate? If you've ever been through the process for a deceased family member or friend, you know the "perils of probate:" more...

ASSET PROTECTION FOR THE CLIENT

It should be noted that the objective of asset protection planning is not to stiff legitimate creditors or to do anything morally or ethically wrong! To the contrary, good asset protection planning assumes to a significant degree that the target of the litigation (generically referred to as the “debtor” even if the claim has not yet been litigated or reduced to judgment) will pay all just debts and not attempt to use the fact of the asset protection planning to unfair advantage.

Rather, a main purpose of asset protection planning is to segregate and insulate liabilities away from valuable assets to the greatest extent allowed by applicable law.  more...

Mark Tippins
Attorney at Law
145 E. Magnolia Ave #201 • Auburn AL, 36830
Phone: (334) 821-3670 • Fax: (334) 821-3671
E-Mail: mtippins@bellsouth.net

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