Estate Planning Attorneys Look to Asset Protection

Having practiced in the field of Asset Protection for over 18 years, I have a very good handle on what’s happening in the field.  I recently returned from a conference in Denver where over 500 Estate Planning Attorneys were in attendance.  I had the opportunity to speak to them as a group and this is what I learned:

1. The practice of Estate Planning has radically changed since the uncertainty of the estate tax exemption was resolved in 2014 and set at over $5 Million per person.  This means that for many Estate Planners, a large part of the tax motivated aspects of traditional estate planning have become unnecessary for many of their clients.
2. Over 80% of these Estate Planning Attorneys reported to me that they have had clients directly express an interest in discussing Asset Protection Planning in conjunction with their estate planning.
3. Out of these same attorneys over 90% of them admit that they do not have the expertise to properly advise their clients on Asset Protection issues.
4. Virtually all of these attorneys were interested in exploring how to get the education and expertise they need to offer sophisticated Asset Protection planning to their clients.

From my perspective, Asset Protection has really come of age.  The use of Self-Settled Spendthrift Trusts (Asset Protection Trusts) specifically to protect assets has gained wide acceptance.  We have 16 U.S. States which have passed Asset Protection Trust legislation.  Estate planners are moving their attention to Asset Protection as a result of client demand and the need to find a replacement for much of the traditional work that is no longer needed.

What all this means to you as a consumer of Asset Protection is that there will be many, many more options and competing strategies and philosophies to choose from.  This has the benefit of making it easier and less expensive to find Asset Protection services.  However, it also creates the challenge of providing too much information and too many options, some of them offered by newcomers to the field, without the necessary education required to really make a good decision.

As a consumer the most important thing you can do is start FIRST with the most experienced firm to understand your options.  By doing this you get the information you most need and can work backward from there.  Doing Asset Protection right is often a matter of subtle details and fine distinctions, not just the use of any particular tool – especially an Asset Protection Trust.

This is a field where there is no room for mistakes.  This is why virtually all of the Estate Planning Attorneys I spoke with were interested in Affiliating with Lodmell & Lodmell to offer these services to their clients.  A good attorney knows when to call in an experienced college, and Asset Protection is not the place for an attorney, no matter how experienced in other areas, to cut their teeth.  The stakes are simply too high for their clients.

If you are looking to add Asset Protection to your planning, I recommend you call us first to have an analysis and understand your options.

If you are an attorney looking to add Asset Protection to your practice, or are researching Asset Protection for a client, I recommend you call me to discuss our Affiliate Attorney Program directly.