You must use foresight when you are engaged in long-term financial planning and make sure that all of your resources are properly positioned. Asset protection is a key component, and it is especially important for people in certain occupations. Physicians and those who invest in real estate are among them because they are particularly vulnerable to claimants and creditors.
This is a situation to be proactive about because attempting to “close the barn door after the horses are gone” is not a very effective strategy. If you were to try to take action to protect assets after an action to seek satisfaction had already been undertaken you could be cited for an improper transfer of resources, compounding an already difficult situation.
There is no reason to wring your hands and wonder how you should proceed. Financial planning attorneys utilize a number of different legal instruments to protect the assets of their clients on a routine basis, and these would include things like family limited partnerships, limited liability companies, and family savings trusts.
The intelligent course of action is to develop a solid working relationship with a good Hartford financial planning lawyer that you feel comfortable working with early on. You can then devise an initial financial plan that protects your assets while you endeavor to satisfy your long-term financial goals.
As changes come down the pike revisions will invariably become necessary, and your attorney will always be there for you with a full understanding of your situation poised to make the appropriate adjustments.