All tagged asset protection

How to protect your assets from divorces and creditors: Lessons from 'Big Little Lies'

I have been watching an HBO show called Big Little Lies, which is a fantastic show, but also has some lessons on estate planning. [Spoilers!] In a recent situation this season, a character named Renata (on the left in the photo above) learns that her husband is in trouble for insider trading, and that because of the way they own their assets as a married couple in the state they live in (California), everything they have is at risk and they must declare bankruptcy and sell off everything that the bankruptcy trustee tells them to sell—their home, Renata’s wedding ring, everything. To make matters worse, Renata finds out at the bankruptcy hearing that her husband has been procuring sexual favors from the nanny and promising her additional compensation for her services. This is all a huge blow to Renata, who came from a poor background, worked for everything she built, and is now having everything taken away due to her husband’s actions.

What to do if you get a substantial increase in income or net worth.

From time to time, I get a call from an old or prospective client who wants to know what to do now that they have run into a lot of money, either through receiving higher income or through receiving a large lump sum due to inheritance, lawsuit win, or other event. There are several key areas to keep in mind, but the overall rule is to call your estate planning lawyer and accountant right away.

Business Planning: How to Get Started, DIY or attorney?

I got this question on my Facebook page, and I’m not entirely clear about whether the question was meant to be about business planning or estate planning, but it’s a great question either way, so I’m going to make this question a two-for. I’m going to answer this as it relates to business planning in the first video, and in the next video, I’ll answer it as it relates to estate planning.

So, the question is: How do I get started? What can I do myself and what do I need a professional for?