Protect (And Preserve) Your Wealth through Trusts - Washington ...

Executive-liability insurance is often the
first line of financial defense for executives and directors caught up in
litigation such as investor lawsuits. For others without such coverage,
asset-protection trusts are the way many insulate their wealth from claims.

Creating wealth is one thing,
but protecting it is another matter. Whether your objective is to protect the
wealth for yourself and your family right now or to preserve the wealth through
multiple generations, a trust can be an especially powerful tool.

Recently, Bloomberg took up this discussion in an article titled ?Wealthy
Americans Turn to Trusts to Shield Assets.? According to the article, a properly
structured trust is one of the most popular asset protection tools, especially
amongst the wealthy and those in the thick of business transactions. Consider
this: when it comes to litigation, you don?t want to be the lowest hanging
fruit (i.e., both the deepest pocket and the easiest pickings) for a
plaintiff?s attorney. Remember, lumberjacks choose the tallest trees, fishermen
choose the largest fish, and plaintiffs choose the fattest wallets.

Although there is insurance to
fill this risk, the right trust (or trusts) should be considered as part of
your financial self-defense strategy. To read more about asset protection
through trusts, I recommend the original article. As a side bonus, a properly
drafted trust also can transfer ? and preserve ? wealth for multiple
generations.

Reference: Bloomberg
(May 22, 2012) ?Wealthy
Americans Turn to Trusts to Shield Assets?

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