Asset Protection

You have worked extremely hard to build the life you have. Is your net worth protected?
A comprehensive asset protection plan is vital to your financial well being. The advisors at The Heritage Group will work with you to make sure you are protected from all possible creditors. Even the ones people tend to overlook.
Who are other common creditors clients don't think of as a "typical" creditor?
            -The IRS and state government (if you have a state income tax). The IRS is everyone's number one guaranteed creditor every year. Every year high-income clients pay taxes to this creditor. Would you like to pay $15,000, $50,000, $100,000+ less in income taxes this year? Absolutely!
            -The stock market. You know this is the case if you had money invested from 2000-2002 when the stock market lost nearly 40% of its value and again when the stock market crashed between 2007 and March of 2009 when it lost 50% of its value. Think about it, did you lose money from 2000-2002 and again in 2007-2009? Absolutely! Could you position your money in wealth-building tools with good potential for growth and still principally protect all or the majority of your money? It is possible to do so.
            -Estate taxes. Clients with wealth all worry about the estate taxes that will be paid upon their death. Few advisors truly know "advanced" estate planning and ways to mitigate estate taxes. Our firm concentrates in helping clients reduce their estate taxes through supercharged gifting strategies, charitable planning, and many more tools that are not well know by the "average" advisor.
            -Long-term care (LTC) expenses.  The number one guaranteed creditor of clients over the age of 65 is LTC expenses (drug costs, home health care, nursing home, surgeries, etc.). It is vitally important for clients to protect themselves from this guaranteed expense. Most clients do not like the idea of paying LTC insurance expense because it is seen as a waste of money if you don't use it. Our firm specializes in using products to build your wealth such as FIAs and single premium life policies that have their own unique wealth building or transfer features that include a LTC benefit.
Domestic Strategies
Domestic Asset protection is a very diverse and extensive topic. Most people are not asset protected or are not properly protected.
As a general statement, most of the general public who earn a good living and/or have amassed wealth, do not have the proper estate or asset protection plan.

The following are statistics about the more affluent general public when looking at a group of ten.
            - 1-2 will NOT have a simple will
            - 5-6 will NOT have a Durable Powers of Attorney
            - 5-6 will NOT have a marital living trust
            - 9-10 will NOT have a Family Limited Partnership (FLP)
            - 7-8 will NOT have an Irrevocable Life Insurance Trust (ILIT)
*Provided by the Wealth Preservation Institute (please contact directly for original survey)

Ask yourself the following questions:
            1) Do you have real estate owned on your own name?
            2) Do you own stocks or bonds in your own name?
            3) Do you have significant equity in your personal residence and do not live in a state like TX or                 FL which asset protects the home's value?
            4) If you have a boat, wave runner, snowmobile, plane, etc., are they owned by a multi-                member  LLC?

If you answered "no" to any or certainly most or all of the above questions, you are in serious need of a check-up. 

Some common tools to solve the lack of asset protection are LLC's, Family Limited Partnerships, ILIT's and much more.
If you feel you need a check-up or are interested in learning more about any of the above topics, contact a Heritage advisor today!


Disclosure: Neither NEXT Financial Group, Inc. nor its representatives are licensed to provide tax advice. Please consult with your tax professional before taking any action.

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