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Asset Protection Strategies: Inherited IRA

Is an inherited IRA protected from creditors?

Retirement accounts are protected from creditors in Washington state. Lawsuit judgment? Bankruptcy? Your retirement savings is golden. But what if you inherit an IRA from somebody else (besides your spouse)?

An inherited IRA in Washington, and most other states, is not protected from creditors or bankruptcy. The basic reason for this: it wasn’t your retirement savings. With some asset protection trust planning, creditor protection can be passed along with your IRA. Check out the video for some more information. [Read more…] about Asset Protection Strategies: Inherited IRA

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Asset Protection for Physicians

Asset Protection for Physicians (and others in the medical field)

Medical professionals face high levels of liability. A 2010 survey by the American Medical Association (AMA) found that more than 60% of doctors had been sued at least once by late career. Furthermore, over 80% of surgeons have been sued at least once.

The Physician Insurers Association of America writes the defense against a medical malpractice claim averages over $22,000 for lawsuits that are dropped, dismissed or withdrawn, and more than $100,000 for cases that go to trial. [Read more…] about Asset Protection for Physicians

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Does a living trust protect assets?

Does a living trust protect assets from creditors?

All trusts are not created equal. A living trust, or revocable living trust, is one of the most common trusts utilized by estate planning attorneys. It’s a great way to avoid the hassles of probate, but will the assets inside of the living trust be protected from creditors? Check out the video to learn more! [Read more…] about Does a living trust protect assets?

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Protecting Home Equity

One of the most common questions I receive is about protecting home equity. It makes sense as for many people, a home is one of the most valuable assets they own. Also, living in the Seattle area, the real estate market has been growing at an incredible rate! Home owners are seeing their equity sky rocket and in turn get a bit nervous about how to protect that equity from lawsuits and creditors. Check out the video to learn about how much equity is protected by state law and hear what common mistakes home owners often make. [Read more…] about Protecting Home Equity

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Asset Protection Planning

Asset protection planning involves the application of many different areas of law. The development of a comprehensive asset protection plan may involve family law, tax law, trust laws, business planning laws, state and federal bankruptcy laws, and on and on. The areas of law intersect in different ways depending on each individual’s situation and planning goals. In addition, to develop an effective plan to protect your wealth and assets from lawsuits, divorces, and creditors, you’ll benefit from working with an attorney who is versed in the practice of asset protection. [Read more…] about Asset Protection Planning