Family Legacy Planning
A Total Asset Protection ApproachOur Family Legacy Planning focuses on protecting your assets from creditors, predators, lawsuits, judgments, liens, greedy relatives, and the costs of long-term care.
Asset Protection Planning is protecting your valuable assets from anything or anyone who can take them.
We Focus on Five Areas of Asset Protection.
Lawsuits
Negligence lawsuits arise when you cause harm or injury to a person or property. It is accidental, not intentional. But, the liability is real. Being sued for causing an auto accident is an excellent example of a negligence lawsuit. You have to plan early to protect your assets from liability for a judgment arising from a negligence lawsuit.
Taxes
The IRS is your #1 guaranteed creditor. Every year you pay taxes to this creditor. If you have money invested in a brokerage account or real estate you plan to sell, you will have to pay short-term and long-term capital gains taxes. Focusing only on reducing this year’s taxes is a flawed approach to planning. Asset protection planning includes good retirement planning that saves you taxes.
Stock Market Crashes
If you have qualified money in the stock market, you need to protect yourself against market crashes. Three times between 2000 and 2020, the stock market has lost between 30% and 50% of its value. Asset protect planning includes making sure you don’t lose money in the stock market.
Long-Term Care
If you are over 65 years of age, there is a 50% chance you will have significant long-term care expenses before you die. These long-term care expenses include drug costs, home health care, nursing home costs, surgeries, etc. To make sure you don’t run out of money during your retirement, you need to protect your assets against LTC expenses.
Probate Costs & Delays
Probate is the legal process in which a court oversees your estate’s distribution according to the terms of your Will. It is a public process. Anyone can see what you own, what you owe, and who is getting your assets. It is also a time-consuming and expensive process for your heirs. Asset protection planning includes protecting your estate from the expense and delay of Probate.
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1600 Lake Air Drive, Suite 102
Waco, Texas 76710
(254) 233-7300
harvey@harveylcox.com