While traditional estate planning was focused on avoiding probate and minimizing estate taxes, today the focus has shifted in a new direction – from an emphasis on estate planning to an emphasis on estate protection.
In an ideal world all of our loved ones would be perfect and able to handle everything that comes their way, but in reality our loved ones have needs, desires, and real or perceived flaws that we need to plan for, against, or around. These days it’s really not enough for you to write a simple Last Will and Testament or Revocable Living Trust that leaves your property to your loved ones outright and free of any strings attached. Instead, modern estate planning has evolved from just that – estate planning – to the more complicated process of estate protection.
Does your estate plan protect your family from creditors, lawsuits and divorcing spouses? How about bad decisions, bad investments and bad influences? If not, then consider changing your estate plan so that it protects what you have now, what you’ll gain in the future, and what your loved ones will be left with in the end.