Existing laws provide natural protections for certain assets. These protections are generally referred to as statutory protections. An important part of planning is understanding when these laws will apply and when they will not.
For example, your life insurance policy can be protected by both state and federal law, so even if your estate owes money, your creditors cannot seize it.
It is important to understand the type of protections that statutory laws offer when creating your estate or business plan. To start, you won’t have to waste time creating protections that are already in place by existing laws. Also, you’ll need to be aware of these laws so that you do not inadvertently design an estate plan that undermines them.
The experienced asset protection lawyers at the Gunderson Law Group understand how statutory protections and other laws affect your estate or your business. They will help you find the right solutions that work in tandem with these laws to offer maximum protections.