What The Doctor Ordered

I delivered a workshop yesterday to another sell-out crowd of 60 plus year-olds. The most predominant question they wanted to know? How do I protect my assets from the government, nursing homes, lawsuits and family predators. As I presented my two hour workshop that day, I found them begin to unwind and see the many challenges they face without proper planning. Notwithstanding my education on beneficiary designated accounts, asset protection to loved ones, after that the importance of customized wills, health care proxies, powers of attorney and personal care plan, the conversations was dominated by asset protection now.

As I explained the power of the IPUG, an asset protection trust that the client is allowed to maintain control and continue to derive the income from, and even benefit from without direct access to the assets, the clients’ eyes got wider. What intrigued them most was that they can stay in control and that they could change their beneficiaries if they needed to. Most of them declared they really didn’t need it, but they wanted to make sure it was available for them if they did and more importantly for their loved ones, if it was needed for them now or any time prior to the client’s death. I was intrigued to see how important this was to the client but not surprised when 90% of them signed up for a vision meeting to identify the best strategy for them to protect their assets and their family.

Still perplexed like so many attorneys that are so afraid to do what is so common and so settled under the law. The last lawyer who had questions I referred to my law review article, “Irrevocable Tier Grantor Trust, The Estate Planning Landscape Has Changed”. The significance of the article is that it relies on law, not emotion and not on what other lawyers “say” but in fact what the law says. More exciting is that there is no law in contrast to these fundamental principles that a grantor can be the trustee of his own irrevocable trust even when he is the beneficiary. But for those that don’t see it, it’s okay. We have plenty of capacity to do trusts for your client as well!