Asset Protection Game Planning

What does that mean?

Between 1,750,000 and 2,380,000 Million American families were impacted by failing to plan their Estates. 

Why have so many Americans failed to plan their estate?

I'm not sure why they did not, but take a moment to think. Why don't you have a will or trust in place? If you have one, then what prevents you from updating it every year? 

When was the last time you reviewed your Estate Plan and updated it? 

Has your life changed at all over the past 2, 3, 5 years or more? Does your Estate Plan reflect those changes?

Death is not if, but when. So, when we die what will happen? How will your loved ones and business partners know how to divide your assets?

Do you want to decide what happens after you are gone or do you want to roll the dice on who will make that decision? How will your decision effect those you will leave behind? 

Option #1 

DIY(Do It Yourself). In many states it's as simple as grabbing a sheet of paper, a pen or pencil, & lastly 2 witnesses. Some states may ask you to have your document notarized, but many are legally recognized with the signature two witnesses that have nothing to gain from your Estate. Simply list your assets and what you want to happen with them after you die. Be as detailed as possible. Have your witnesses sign it along with yourself, then tell someone where you are storing the document. It's also helpful if your witnesses add their contact information in case a judge needs them to verify your will in probate court. This is at little, to No cost at all. That simple.  This is not the best way of course, but it is a great start. 

I have provided a link that will allow you to download and complete a document to make everything even more simple. 

www.freewill.com/learn/ohio-last-will-and-testament or Will forms  . There are many resources available online, so I encourage you to find one that works best for you in your state. 

Option #2 

Pay an attorney or law firm to assist you with putting a living will & testament and a power of attorney in place. This option should not exceed $100 and should be updated each year to assure accuracy. 

Legal Zoom is a company that offers to provide help with this option. I suggest doing your own research if you choose option #1 or option #2, choose an option and company that feels right for you. I personally did not go either route for Estate Planning, but I want to make sure that you have something to start with. You must always do your own research and determine what works best for you, based on your personal goals and your financial ability. 

Note: Paying more is not always better, but paying less is not always cheaper. 

www.legalzoom.com/personal/estate-planning/last-will-and-testament-overview.html 

Option #3

Purchase a Legal Protection Membership 

This option costs about $360/year or $30 per month. This is the route that I chose based on my previous experience with the providing company, my goals, ease of initial setup, and yearly updates. Instead of paying for the services of one Attorney for a specific concern, I chose to have access to a network of law firms across the country. I had this service for at least 3 years before I actually put my living will in place. I personally did not like the idea of making plans for after my own death. I also did not want to face the reality of my actual Net Worth. Once I got past my personal thoughts, then I simply opened the provided app on my cell phone, answered all the will preparation questions in about 30 minutes (varies for each person), submitted the form, received a phone call from my attorney (about 10 minutes) to review my responses, then received my living will and testament in the mail a few weeks later. Done!!! It felt great. I felt responsible. I am married, with 3 kids, and a dog. They deserved having a written plan in place. I am responsible for actually initiating the process for updating my will each year, but it's that simple.

Here are a couple of links that allow you to look deeper into option #3:

Legal Plan Details  

Identity Protection  

If you decide to take this option, then click this link (You can choose from individual or family plans):

Make My Asset Protection Game Plan Now!!! 

After enrolling online, then download the app on your cell phone, log in, then complete the will questionnaire today. Your attorney should call you within 48 hours, to complete the will preparation process. Very simple.

Below I will list a few tools that will be helpful in becoming more aware of your Net Worth and your Net Estate. 

Net Worth

Calculate your Net Worth now.

Make a list of every asset that you own beginning with home/homes, car/cars, investments, & accounts. The value of an item is determined by the amount highest figure someone would pay for that item today. What is it worth to others, not what you paid for it. Once you have listed everything and added the values, now you have "Total Assets". Next list everything that you owe. Every loan and financial obligation. If your asset has a loan attached to it then list the amount that you owe for these items. This is your "Total Liability". Do not include to death benefit amount for life insurance, but you can include the cash value for whole life or indexed universal life insurance policy or polices. Your lenders will be paid first from your Estate if your Estate it is not in a trust. 

Net Worth = Total Assets (excluding any life insurance death benefits) - Total Liabilities

Net Estate

Calculate your Net Estate now. 

"Net Estate" and "Net Worth" are very similar, but not the same. Do the same thing that you did in calculating your "Net Worth", but this time you will include the death benefit of any life insurance policies.

Estate = Total Assets (including life insurance death benefits) - Total Liabilities

Debt and Taxes do not pass away with us, so they should be included in your Estate Planning. 

One Final Option for Asset Protection:

 Doing Nothing or Taking No Action. Doing Nothing/Taking No Action Is a Decision

Do not be one of the, nearly 1.7 Million Americans who die without having a written Estate Plan in Place. 

I don't suggest this option. 

Your Loved Ones deserve a well designed, 

"Asset Protection Game Plan"