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Asset Protection Tag

Major Estate Planning Mistakes by Celebrities

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Because of some very obvious and egregious mistakes made by famous celebrities with respect to Estate Planning, all of us can learn and benefit and make sure that we eliminate these mistakes in our own planning. Actor James Gandolfini, best known for his role as Tony Soprano on the hit TV series, died at the age of 51 in 2013, The Gandolfini Estate Plan was based on a Will rather than a Trust.  Accordingly, his private affairs became public because of the Probate process.  His failure to remove any of his assets from his Estate will result in a 40% estate...

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Asset Protection Planning

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Many times we think of Asset Protection Planning only with respect to potential creditors who might sue us.  However, in the event that you have substantial separate property and are planning to remarry you may want not only to consider a pre-nuptial agreement, but an Asset Protection Planning structure in addition.  Many affluent and wealthy investors, executives and celebrities have found out that divorce can be very expensive in spite of the pre-marital agreement.  Building a protective plan should be a top priority for individuals of high net worth.  Everyone who has any assets should examine their situation from the...

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Why Go Offshore?

Asset protection planning has been practiced by attorneys, financial planners and accountants for several decades. Business persons have always had concerns over the exposure of their personal assets to claims against their business. The corporate form of business entity with its shield of limited liability has been invoked for centuries. Certainly, protecting one’s assets from the myriad of risk involved in business and personal financial planning is not a novel objective or planning idea. Since the 1970’s, expanding theories of liability and the proliferation of litigation have given increased emphasis to asset protection planning to the extent that it is now...

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