We recently published a blog about protecting your personal assets from exposure when a plaintiff tries to “pierce the corporate veil.” A properly structured pension plan can further protect your assets. Certain elder planning that comes in connection with asset protection, pension structure and estate planning can also provide benefit.
Depending on how it is structured, the pension plan can act as a vehicle to:
- Protect your assets from creditors (insurance companies, vendors, malpractice, etc.).
- Save you income taxes.
- Permit a vehicle for future investments to increase your wealth tax-free.
A properly structured pension plan should take into account your practice, age and level of legal exposure to a lawsuit in order to properly meet your desired expectations.
Estate and Trust Planning
- Your assets can be given to persons who you choose and in the manner you choose.
- Elder planning can protect your assets from catastrophic nursing home costs.