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The Role of an Estate Planning Lawyer

  • July 26, 2021

Consult an estate planning lawyer. It is important to consult with an estate planning attorney to ensure you not only have a plan established, but that your plan is valid and recognized under the current state laws. Understanding the basics of consumer protection and state bankruptcy laws is the most cost-effective and important step. A few additional steps can help protect hard-earned assets. This wealth preservation strategy does not have to cost a lot of money. 

You can manage your assets and still keep your privacy with proper scheduling. It is important to not mix liability-generating assets. It is best to have a separate entity for each liability generating asset. A second tip is to consult a local lawyer whenever you make an important decision. Expert asset protection attorney can help you find the right way.

Avoid general partnerships as they can cause problems. These joint ventures can create huge liabilities that are completely unforeseeable and not your fault. All partnership debts as well as any negligent acts of your partners are your responsibility.

The Health Care Proxy allows an adult to appoint another adult to make medical decisions should they not be able to in the future. This power includes the ability to decide if life sustaining measures should be taken. By having a health care proxy drafted by an estate planning lawyer you can avoid the frustration, delay, and costly guardianship process should you become incapacitated.