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Steps to protect your estate from creditors

Having an estate plan is more than just penning a will. It is just as much about protecting assets as it is passing them down to heirs. After all, if you encounter hard financial times, you would not want to sacrifice what you are preparing as a legacy simply to pay off bills. Additionally, you would not want to leave your estate open to creditors before it can be distributed to your loved ones.

Fortunately, there are a number of ways to safeguard your estate. This post will highlight a number of ways to do so. 

Have insurance - Purchasing insurance may seem obvious, since many of us have car insurance (because you are required to) and homeowner's insurance (for the same reason). However, if you are a business owner or real estate investor, having an umbrella policy could provide the peace of mind you need.

Create separate corporations for properties - The secret to protecting wealth is being able to control what you have but not to own much outright. This can be done by transferring real properties and other assets into separate limited liability companies. This way, a person or creditor who may want to seek a judgment may consider you only...and not your assets.

Maintain a 401k plan - Not only is having a 401k good for retirement planning, it is also a way to limit liability. Essentially money put regularly into such an account can be protected from creditors. Even if you have to file for bankruptcy protection, money in retirement plans will not have to be sacrificed.

The preceding is not legal advice. If you have questions about estate planning techniques to protect assets, an experienced attorney can help. 

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