In the Way2Wealth®, a strong foundation is necessary. Two bricks of that foundation are estate planning and asset protection. They are essential to your long-term financial goals, especially beyond your lifetime.
We often put off estate planning because it is uncomfortable to speak about. However, it needs to be addressed if we are going to leave a legacy for our families. Asset protection is a critical part of estate planning. How are you protecting your assets and your estate? Is your plan developed in a tax-efficient manner?
On today’s episode, we are bringing on attorney, Andrew Howell. He is the Co-Founder of York Howell & Guymon where they focus on serving clients through estate planning and asset protection. You will need a plan that is tailored to your family’s unique story. Documents like a will need to be reviewed and updated throughout your lifetime. Estate planning is never really done, but an evolving focus that Andrew prefers to update on a regular basis with his clients.
Asset protection is an important part of estate planning. After all, you will want your assets to stay intact if you are to leave them to your children and grandchildren. You can protect your assets through LLCs and trusts. However, you’ll want to continuously ensure you are putting new assets into these protective measures. Families that have a transfer of wealth planned out, are on average much more harmonious. We don’t want to be a burden on our family once we are gone and estate planning and asset protection is a great way to ensure they are taken care of.
In our full discussion with Andrew, we will go in-depth on what it means to protect our assets. You’ll want to ensure your assets are protected from risk, each other, and the outside world. Andrew is going to explain the importance of LLCs in this process to avoid devastating litigation. When you meet with an attorney to develop your estate plan and asset protection strategy make sure they are specialized and invested in you. A good attorney will always develop a plan that is tailored to your needs and goals.
Listen to the full episode to learn more or skip around to certain topics.
0:55 – Introducing Andrew Howell
5:35 – Estate planning vs. asset protection
8:26 – DIY Estate Planning
10:51 – Conventional Estate Planning
18:03 – Family declaration of independence
25:52 – $500,000 to $2,000,000 investable assets
32:26 – Examples of planning and protection
40:00 – Protecting assets with risk
41:17 – Protecting assets from each other
43:12 – Protecting assets from the outside world
50:18 – What questions should you be asking?
55:28 – Where to learn more
About our guest:
More Episodes: https://www.theway2wealth.com/
More About Scott Ford: https://www.carsonwealth.com/team-members/scott-ford/
Subscribe to our YouTube Channel: https://bit.ly/354Pd2M
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