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Estate Planning for Protection and Control

In: The Financial Storm Warning for Investors

Author

Listed:
  • Jeff Camarda

    (Family Wealth Education Institute)

  • Steven James Lee

    (California State Polytechnic University)

  • Jerusha Lee

    (Claremont Graduate University)

Abstract

This chapter explores the relationship between estate planning—transferring your propertyProperty while alive or dead in a tax efficient manner—and asset protection (which shields your wealth from non-tax-related threats like civil liability). Much of this discussion revolves around trusts—legal instruments that separate official ownership from beneficial control. Trusts avoid probateProbate and accomplish other legacy goals. We caution readers to first conceptualize whom you wish to benefit with your property—both alive and after. Some of this type of planning cannot be easily changed once you elect to move forward. While this chapter introduces you to many of the techniques we’ll discuss in detail later, it showcases the reasoning and basic concepts behind the sophisticated mechanisms you will put in place to protect your estate.

Suggested Citation

  • Jeff Camarda & Steven James Lee & Jerusha Lee, 2021. "Estate Planning for Protection and Control," Springer Books, in: The Financial Storm Warning for Investors, pages 109-119, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-77271-0_12
    DOI: 10.1007/978-3-030-77271-0_12
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