To fully understand the importance of estate planning and asset protection issues, you should be aware of the current hostile political environment. Legislatures enact laws and impose taxes that have enormous impact on household wealth.
The historical compromise between one political party promoting a social safety net and the other asserting that hard-earned tax dollars unjustly finance those benefits ended with the Great Recession. We are now in an all-out political ideological war with no compromise between parties.
The clash has radically changed the tax and legal landscape in just the past few years. Whether you are conservative or liberal, it’s critical to build and fund a conceptual war chest in order to protect your family. “Class warfare” and income inequality are discussed with greater frequency and ferocity. The war is real and is being waged in Washington DC by politicians, lobbyists and special interest groups. You should arm yourself with the knowledge that this economic war will affect your family, even if you are far behind front lines at this point. My next post will discuss who these economic warriors are and what’s at stake.