Estate Planning and Lawsuit Protection

Often time when people are considering whether to use a will-based or trust-based plan for their estate planning needs, they find they don’t consider that a trust-based plan allows for additional protections against possible lawsuits.  Not only for you, but for your heirs.

 

Let me explain: Let’s imagine for a moment that you’re a doctor with a medical practice and you’re worried about malpractice litigation, and you have a 21 year old daughter and you’re concerned she may do something young and reckless, like text and drive and rear into someone or possibly hit someone in a crosswalk.

 

Let’s also imagine you have an older son who’s approaching 30, graduating from medical school himself and he’s about to enter a world that may be fraught with litigation as well.

 

How do we protect each of those family members and your hard won assets form frivolous lawsuits?  Let’s talk about it, trust-based plans allow us to pour your assets into what we call a “Trust Bucket”, you’re still holding onto it and controlling your assets just like you do now, but the trust provides a legal shield of your assets and protects them from lawsuits and litigation.

 

For professionals, like doctors, who struggle with malpractice litigation, for texting teens and young adults who may hit someone in a crosswalk or rear end someone while driving, this is all too common.  Let’s protect those assets with a trust-based plan. 

 

Let me also share with you a story you probably never heard of, but that is spoken of and commented on when I attend Estate Planning and Elder Law education conferences.  Ted Kennedy, when he ran off the bridge at Chappaquiddick in the early 80’s and a young woman died, that victim’s family sued Ted Kennedy for the wrong that was committed.  His assets were in a trust and his inherited assets from his family were in a trust, they were shielded from that litigation.

 

Let’s get your assets properly protected, so when you face a frivolous lawsuit, unlike the Kennedy lawsuit, they’re properly protected.  Not only for you, but for the next generation.

 

I look forward to meeting with you to discuss how trust-based plans can protect you and your family from frivolous lawsuits.

 

(Notes)

 

When contemplating at will-based plan or a trust-based plan, many people don’t consider how trust-based planning, even for families with under a million dollars in assets can benefit from a trust, because of the protection from litigation and lawsuits

 

I had a doctor who was concerned about malpractice litigation; he was also concerned about his 21 year old daughter texting while driving, and his 28 year old son who was about to be a doctor himself.

 

For professionals, like doctors, who struggle with malpractice litigation, for texting teens and young adults who may hit someone in a crosswalk or rear end someone while driving, it may be beneficial to develop a trust-based estate plan.

 

 

Ted Kennedy, when he ran off the bridge at Chappaquiddick in the early 80’s and a young woman died, that victim’s family sued Ted Kennedy for causing her death.  His assets were in a trust and his inherited assets from his family were in a trust, they were shielded from that litigation.

 

Let’s protect those assets with a trust-based plan.