Finance

Legal Documents Protect Assets

Money News Magazine ended 2013 by stating that in 2014 ,it would be essential for investors to take meaningful steps toward asset protection. As the U.S. economy continues to flounder, a great deal of uncertainty remains centered upon changes in the tax law and the financial impact of Obamacare. Both issues – combined with the draining effects that long-term care can have on a family’s financial situation – are all reasons to take action this year.

Todd Schneider, CEO and founder of Schneider Wealth Management in Southlake, Texas, has dedicated a large portion of his decade-plus career in wealth management toward helping clients protect assets. He is passionate about assisting families in setting up living trusts and limited family partnerships to mitigate the cost of drugs, home health care, nursing care and expensive treatments that may be associated with growing older.

Yet, despite his passion, many families remain unnecessarily exposed to these costs.

According to the Wealth Preservation Institute (WPI), a financial think-tank based in St. Joseph, Mich., for every ten people, the following is most likely true: One or two do not have simple wills; five to six do not have durable power of attorney granted to a trusted individual; five to six do not have marital living trusts; nine to ten do not have a family limited partnership; and seven to eight do not have an irrevocable life insurance trust.

“It is beyond challenging. It is nearly impossible to protect financial assets without these legal entities,” Schneider said, adding, “Yet, preparing these documents is not nearly as difficult, time-consuming or expensive as many people believe.”

“The need for estate planning documents is obvious,” Schneider states. “If you do not have the above-mentioned tools, you need an asset protection checkup.”

Learn more about Schneider Wealth Management online at www.Schneider-wealth.com


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