IRA

Most clients who come to us for asset protection are looking for an offshore trust or maybe even a domestic asset protection trust. These are both viable options to protect one’s assets. However, there are a number of simpler options that one should consider first. 

• Liability insurance is relatively inexpensive and can cover many personal liability issues that may arise.
•  Life insurance and annuities can be good investments and are protected from creditors.
•  Money contributed to retirement plans are protected assets and allow for tax free savings, a double benefit.
•  529 plans (college savings plans) are also protected assets, as well as they also grow tax free.
•  A Qualified Personal Residences Trust protect a person’s house from creditors, and also passes the house to the next generation with minimal gift tax consequences.
•  How one titles property, depending on the laws of your particular state, can protect that property from certain creditors.
•  When your child turns 18, have them buy their own car rather than drive one provided by you.
•  Put investment real estate in separate limited liability companies.
•  Ask your parents to keep any assets you receive from them in trust for your life.

These are merely an example of several items to consider. Asset protection is a continual process, much like estate planning, to keep your hard earned assets in you and your families hands.