Asset Protection

Asset Protection

Asset Protection is mainly protecting your income over a
lifetime of earning. You can take many legitimate steps to safeguard all of
your assets. Many of them have been proven to be very effective. Here are some
steps you can take to provide protection for your assets:

1. Develop a plan that works for you.

– Address your special unique circumstances.

2. Set up an IRA account or insurance policy to protect
your assets.

– An IRA is protected up to a $1 million dollars from
bankruptcy which makes it very sheltered.

– Insurance policies allow assets to stay under the
control of your spouse or a member of the family.

3. Setup a lifetime trust to shelter assets from
creditors.

4. Make sure you have an attorney who specializes in
assets protection.

– Someone who is more skilled at these types of issues
will greatly benefit you.

5. A living trust is not very effective towards asset
protection.

6. Make sure your finical planner and attorney know about
all your known assets.

7. Make sure you have all the proper insurance needed for
your assets.

– Knowing what kind of insurance you have for your assets
can benefit you and in turn save you money in the future.

The above is a summary of a TV show episode on Piscataway
Community Television Network in Edison, New Jersey, and his guest Martin M.
Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the video
clip of this segment on www.shenkmaneducation.com for more financial tips.

Disclaimer: Law Made Easy Press® provides practical and
legal, tax, estate and financial information for educational purposes only. The
goal is to help you best work with your professionals to save costs, and to
obtain better service and results as an informed consumer. There is no
assurance that the laws or sample documents are current, that the forms will
achieve the desired goal in all circumstances. Laws change frequently and vary
from location. Therefore, you should always consult with a local attorney,
accountant, or other expert.

Law Made Easy Press
www.shenkmaneducation.com

Estate Video – Simon Says: Manage Your Money
Asset Protection

Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652