Dear Friend,

Imagine this: You’ve worked hard all your life. You’ve built a comfortable nest egg, invested in a home, and maybe even started your own business. But what if, in the blink of an eye, it was all at risk? A car accident, a medical emergency, a business dispute—these can happen to anyone, and when they do, creditors and lawsuits can come knocking.

The good news? Estate planning can be your shield, protecting your hard-earned assets from creditors, liability, and the unpredictable twists of life. Let me show you how.

The Risks You Might Not See Coming

Life is full of uncertainties. Most people don’t like to think about worst-case scenarios, but ignoring them doesn’t make them go away. Without proper planning, your wealth and your family’s future could be exposed to:

  • Lawsuits: A car accident, a contractor slipping on your driveway, or even a professional dispute can result in a lawsuit that targets your personal assets.
  • Creditors: If you or your business face financial trouble, creditors can come after your savings, property, and other valuables.
  • Medical Costs: One unexpected illness or injury can lead to astronomical medical bills, draining your assets and leaving nothing for your family.
  • Business Liabilities: If you own a business, a legal claim or financial setback could spill over into your personal finances.

Now, imagine watching everything you’ve worked for—your home, your savings, your kids’ college fund—being wiped out. It’s not a pleasant thought, but it’s a reality for countless families who don’t plan ahead.

How Estate Planning Protects You

Estate planning isn’t just about dividing your assets when you’re gone. It’s about protecting them while you’re alive. Here are some of the tools we can use to protect what’s yours:

 

  1. Asset Protection Trusts: Your Fortress Against Creditors

An asset protection trust is like building a fortress around your wealth. Once assets are placed in the trust, they’re no longer considered part of your personal estate, meaning creditors and lawsuits can’t touch them. These trusts are especially valuable for business owners, professionals in high-risk fields, or anyone concerned about unexpected liability.

Imagine your savings, home, or other valuable assets locked securely behind legal walls—safe from those who would try to take them from you.

  1. Business Entities: Keeping Your Personal Wealth Off-Limits

If you’re a business owner, separating your personal assets from your business through entities like an LLC or corporation is a must. Without this separation, your personal savings, home, and even retirement accounts could be on the line if your business faces legal action.

Think of it this way: If your business faces a storm, proper entity planning ensures the storm doesn’t reach your home.

  1. Homestead Exemptions: Protecting the Roof Over Your Head

Many states offer homestead exemptions that protect your primary residence from creditors. By taking advantage of these legal protections, you can be certain that no matter what happens, your family has a place to call home.

  1. Retirement Accounts: Safeguarding Your Golden Years

Certain retirement accounts, like IRAs and 401(k)s, have built-in protections against creditors. However, improper planning can weaken these protections. An estate plan ensures your retirement savings are structured to maximize security and stay safe from lawsuits and financial predators.

  1. Proper Insurance Coverage: Your First Line of Defense

While not technically part of estate planning, insurance is a critical piece of the puzzle. Adequate liability, umbrella, and business insurance can act as your first line of defense against lawsuits. Combined with an estate plan, you create multiple layers of protection around your wealth.

Every Day Without an Estate Plan is a Day You’re Taking a Risk

The reality is, no one wakes up expecting disaster. But every day you delay estate planning is another day your assets remain vulnerable. The risks are real, but so are the solutions.

An estate plan isn’t just for the wealthy or the elderly. It’s for anyone who wants to protect their family, their hard-earned money, and their future. It’s a simple step that can save you from devastating consequences down the road.

Don’t wait for a lawsuit, a financial crisis, or an accident to take action. Let’s create a plan that gives you peace of mind and keeps your assets safe from whatever life throws your way. Call my office at 770-285-5493 to schedule a consultation. Together, we’ll build a fortress around your wealth and protect the people and things you care about most.

Sincerely and Thanks,

Mike

Mike Bascom

Bascom Law, PC

Estate Planning & Elder Law