Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family.
Some common long-term planning objectives of farming and ranching families are to keep the property in the family, maintain the operations even if it means creating multiple streams of income for financial support, and passing it all down to the next generation. Working with farm and ranch owners to accomplish all of this can be a challenge. Here are a few issues to consider in this process.
As soon as people find out what area of law I practice, they usually say, “I don’t know if I need a trust.” My response to them varies, but always ends with, “I am certain that you need a Health Care Directive.” Their eyes widen when I provide the following reasons:
Who Needs a Prenup?
Premarital agreements can be useful for a party who wants to protect separate assets, such as family wealth from disputes on death or divorce, a party who has a professional practice or other service business and wants to avoid or limit a community interest in it, a party who wants to protect children from a previous marriage, or when the other party has substantial debt, or a support obligation from a prior marriage, and even when a party who wants to opt out of the community property or equitable distribution regimes in place in a given State.
The digital world is growing rapidly. Are you prepared for how your digital assets are handled after you are gone?