Tuesday, January 13, 2015

Summary Of Asset Protection News From 2014

Asset Protection strategies are something our clients at AttorneyBritt often inquire about.  This article is from one of the excellent asset protection specialists we follow at our business law firm.

"It is remarkable how the asset protection industry has so rapidly expanded in the last couple of years. This is primarily due to two factors.

First, the “Great Recession” again reminded folks that making money is only half the equation to become wealthy, with the other half of the equation being to retain one’s gains (which is what wealth preservation, commonly called “asset protection”, is all about). Oh, and land in Southern California and Southern Florida is not so limited that it can never go down significantly in value, as probably a hundred thousand physicians who got into real estate deals in Temecula or the Biscayne Bay so painfully discovered.

Second, the “fiscal cliff” legislation enacted at the end of 2002 raised the individual estate tax exemption to in excess of $5 million, which overnight killed off estate tax planning for all but a few top tax planners. Thus, beginning in 2013, many estate planners started hanging out asset protection shingles, many CPA and financial planning firms started advising on asset protection issues (how they accomplish this without crossing the line into the Unauthorized Practice of Law remains an unanswered mystery), and thereby capacity (read: marketing) created increased demand — the asset protection variation of “If you build it, they will come”."

See full article from Jay Adkisson at this link.

For legal help with your business, asset protection, and estate planning needs contact a business law and estates, trusts, and asset protection lawyer at the offices of AttorneyBritt.