ESTATE PLANNING EXPERTISE FROM A BANKRUPTCY LAWYER
Sometimes I’m asked what preparation or experience do I have that relates to the practice of estate planning when most of my practice has been in the area of bankruptcy law.
I started practicing in bankruptcy law in 1986, so I have 26 years of experience in that area.
Here’s what bankruptcy is about: You have assets, you are protected, the law says you are exempt, and you can keep basic things like your house and your car and your retirement account, your furniture and your wedding rings, etc, when you go bankrupt.
Or if you don’t go bankrupt, it’s the same laws that protect your assets from creditors coming in and taking your belongings out of your house, for example.
So there is a lot of protection afforded under the bankruptcy law, but people need to know what that is and sometimes need to plan accordingly.
Those same principles apply to estate planning. Basically what we are trying to do is preserve as much of your estate as we can for posterity, your beneficiaries in your trust or your will, so that the government doesn’t take any more than its fair share and so that you don’t have to worry about other interveners getting at your assets.
There is also an area of asset protection planning that allows people to set apart their personal assets from their professional liabilities.
That’s called asset protection planning and there is an element of estate planning that has to do with that. That’s really how I got into the area of estate planning.
My bankruptcy experience led me naturally into estate planning.
I have a financial advisor and certified estate planning friend who came to me and said, “You have the best experience there is in preserving assets for people when they are in a difficult situation.”
And so, what we then learned was that all these different kinds of trusts and wills and limited partnerships and LLC’s are what I call Legos.
You take a Lego off the shelf and we put it into the estate plan, depending on what the situation is.
So I’ve been trained as an expert to do that.
I have learned what those Legos mean and how effective they are with respect to creditors and with respect to the IRS.
That is why I recommend finding someone who has experience like mine to prepare your estate plan.
I would love to talk to you about the best plan and protection for your estate planning. Call my office today. (480) 447-2447
topic: Estate Planning
See my Video about Expertise in Estate Planning from a Bankruptcy Lawyer