Did you know that there are more lawsuits filed in the United States every year than in the rest of the world combined? Even if the lawsuit seems frivolous, you can never be certain what a jury or judge will decide. Little wonder, then, that asset protection is one of the fastest growing areas of estate planning law. For your plan to be effective, it must have a well-designed asset protection component.
Your asset protection plan should help you accomplish two primary objectives. One: it must protect you and your spouse from lawsuits, creditors, the cost of long-term care and other threats while you are alive and well. Two: it must protect your children’s inheritance against creditors, lawsuits and predators. The latter can involve issues such as ensuring your child’s inheritance is safe in the event of divorce and/or remarriage. This is no idle threat when you consider that approximately half of all marriages in the United States end in divorce. In addition, your grandchildren might need protection to ensure that they receive their inheritances if your child passes away and your daughter-in-law or son-in-law remarries. Sadly, your children might need protection from their own poor decisions if they are not yet responsible enough to manage an inheritance themselves.
We can design and implement a plan capable of protecting your assets for your enjoyment today and that of your loved ones after you pass away. Bear in mind that asset protection planning is only effective if it is done before a lawsuit or other threat materializes. Contact us today to schedule a personal meeting with one of our experienced Oklahoma asset protection attorneys.