You took the time to invest and save so that you could pass on an inheritance to your children. Today, your biggest concern may no longer be growing those assets. Instead, you may be focused on making sure they're protected against taxes and other losses.
There are a few ways to protect your assets so they are properly preserved for the people you choose as your heirs. Here are three ways solid ways to protect your assets that you may not have considered.
1. Create a trust.
There are various kinds of trusts, but the irrevocable trust is one that is commonly used for asset protection. Once you place assets into the trust, they're no longer in your name -- and they also have significant protection against loss. You can't cancel this kind of trust, however, so be cautious about how you assign it or the rules you establish for it.
2. Get your will put together.
Another important thing to do is to write your will. A good will is legally enforceable and will help your assets be distributed in the way you intended after you die. Your will also serves to exclude people from inheritance -- which may be important to you.
3. Don't forget about insurance.
You should always have insurance as a component of your estate plan. Life insurance, for example, often works with trusts. A properly dedicated policy can fund a trust you set up for your spouse or children. Don't minimize the importance of insurance, since it's a great way to boost a trust's value.
These are three tips to preserve your assets for your heirs. A good estate plan is always proactive about your goals. If you need assistance with your estate plans, our office is available to help with authoritative, experienced advice to meet your needs.