Asset Protection

Let’s talk a little bit about asset protection. So you have worked your whole life and saved up a nice nest egg? Congratulations! That is truly something to be proud of! Now, the two big worries ahead of you are running out of money and losing money. Remember our two simple rules: Never forget Rule #1: Don’t Lose The Money, and Rule #2: Don’t Forget Rule #1.

The concept of holding onto your money and putting it in investment mechanisms that protect it is, basically, asset protection. Maybe you are still growing that nest egg but have acquired a few assets – assets you do not want to lose. Young or retired, it can be very tricky to navigate through the investment world. Many people just do not have the stomach for the ride. At Fitzwilliams Financial, we offer a guarantee of no loss from market volatility by following our two simple rules: Rule #1: Don’t Lose The Money, and Rule #2: Don’t Forget Rule #1.

At Fitzwilliams Financial, our goal is to provide you with a pension like income for the rest of your life! Contact us for the details.

Asset Protection Is For Everyone

Asset protection is important for all individuals and families regardless of net worth. Asset protection planning involves reviewing your assets and financial goals, and creating a plan to buffer your assets from creditors and lawsuits. Litigation is common in the United States. So, having a solid asset protection plan can help to avoid future problems with your assets.

Asset protection is something to address during your estate planning. There are specific financial products to protect different types of assets. Some of the common assets that come to mind to protect are your real estate investments and your monetary investments. Other assets not commonly thought of as assets are your family, any inheritance and any death benefits. For example, who will be the beneficiary for your estate? Do you want your estate to be handled by your spouse, or by your children? What if they are not available? Do you have a backup plan for your assets? These are the questions one should ask when thinking about asset protection.

Assign A Trustee Or Probate Will

Probate is the legal process that addresses a will and appoints an executor to distribute and dissolve an estate. A Trustee is the person designated to handling the final affairs. If a Trustee is not already set, the probate process is more difficult and time consuming. In this situation, someone could be designated to dissolve the estate that would not have been the ideal choice.

This lack of direction can cause family friction. All of these extra steps add unnecessary stress to the surviving family members. We know you do not want this for your family. Plan ahead and save your family from having to deal with the stressful details after you are gone.

Fitzwilliams Financial and our affiliates can help you get the legal paperwork in place necessary to protect your estate.

Child Guardianship and Asset Distribution

Many spouses do not realize the ruling on estates for children of the deceased. Deciding who will raise your children in your absence is not easy to do and it is very important. Frankly, if you do not assign a guardian for your children, the courts will assign one instead. The court’s decision will be objective and decided as carefully as possible but will still be made without your input and with little, or no, knowledge of family dynamics. Having the court assign guardianship of children of deceased is usually not a good experience, nor result, for the children or family.

Regarding assets, most married couples want the estate and assets to transfer to the surviving spouse. Some assets transfer automatically to the spouse but there are some things that many assume transfer to the spouse but, instead, go to the children. We suggest you determine how you want your assets to be transferred. Then, do some estate planning to set the mechanisms in place to assure your decisions will be honored. Documents like wills, trusts, powers of attorney and beneficiary documents secure your desires. Let Fitzwilliams Financial help you protect your loved ones. Together with our affiliate partners, we will ensure that you have the proper legal documents established to secure your financial future.

Tax liabilities on your estate can be substantial and that is why asset planning is so important. Only research and professional guidance can help you understand what investment structures are right for you to create the ideal asset protection plan. There are lots of ways to leverage the system to maximize your efforts. For example, because U.S. tax code does not tax life insurance proceeds as income, you can use a life insurance trust to pay one’s estate taxes.

Learn more about our tax free income options in Life Insurance and other options that can help with your estate planning goals.