There are many aspects of estate planning that are important parts of wealth protection and planning. Asset protection is one part of estate planning. People who engage in asset protection planning usually do so within the context of preparing an overall estate plan.
The most common estate planning tools are the will and the living trust which provide instructions to your family about what is to be done with your assets after your death. Most wills have to go through probate, whereas assets held in a living trust are not probated. Irrevocable trusts are used most often to give money to minor children or to own life insurance. Properly drafted estate planning tools can minimize estate tax liability.
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Florida Trust Law: Trusts may be an effective asset protection tool when drafted correctly and used in appropriate circumstances.
Living Trusts: A revocable trust (or a “living trust”) is a popular estate planning tool because it provides benefits not available with more traditional will based planning.
Wills and Probate: A will is a document where you express your desires concerning the disposition of your property, and probate is the legal process of administering that will.