In Part 2, we discussed insurance protections for you. Now we will explore some less common methods for asset protection.
People try not to think about the risks and dangers in life, and their risk of losing their assets. There are many things that can happen that would put your assets at risk, many of which can be caused by others through no fault of your own.
After you establish an estate plan, you will likely have two documents that others may need to rely on. The first is the Power of Attorney and the second is a Certificate of Trust. Both of these documents need to be relied upon by others.
Where should I incorporate?
This is a question that I am often asked, and although we can explore the legal issues as to where you should incorporate, there are non-legal issues to consider as well. People often hear advertising focusing on “Incorporate here, it is tax free!” The problem with the advertising is people don’t really understand how things work, and that will end up just costing more money when their only focus is to save money, and that just leaves people feeling ripped off.
There are many things that can cause someone to move, and depending on the reasons, the method, or other decisions, it may be appropriate to update a trust or a will. Some of the reasons for moving, may be a reason to review, for example, is the move because of a change in marital status (marriage/divorce)? Is the move because you’re having another baby and need more room? Is the move because you were just hired in a fantastic new job? Were you just recruited to play on a professional sports team? Did you just win the lotto? Continue reading Do I need to update my estate plan if I am moving?