Wealth is always at risk from a variety of enemies – inflation, market risk, unexpected expenses and fraud. Our ongoing economic war preparation includes being wary of “wealth predators” of all kinds. As a person ages or when a young person inherits wealth it can become more vulnerable to attack by unscrupulous individuals. Devious, sophisticated scams can even ensnare mature, intelligent people.
It’s unfortunate, but new spouses, care providers, investment scams – high commission/unsuitable investments, unethical contractors, seminar scammers and even a person’s own dishonest children can prey upon hard-earned wealth. Trusted legal and financial advisors are “hired guns”, protecting you and your children from these risks. It’s wise to consult with an experienced and reputable professional for legal and financial advice.
An estate plan is essential for smooth management and protection of wealth in the event of disability or death. Trusts can protect adult children from wealth predators and shelter assets if they inherit during a divorce, bankruptcy, lawsuit or illness. There are a vast number of households that have no legal documents at all specifying how assets are to be managed in the event of death or disability. If you do not have an estate plan, add to your family’s War Chest the resolve to talk with an attorney about your options. It’s a perilous world. Protect yourself.