Trusts & Estates
Minimizing the Risks Associated with Practicing Asset Protection
By Kristin Yokomoto
The demand for asset protection by persons seeking to protect their wealth from creditors and third parties is justifiably on the rise. Similarly, the number of attorneys becoming educated about, and experienced in, asset protection is also on the rise. This trend may be due, in part, to the permanent five million dollar gift and estate tax exclusion, as adjusted for inflation, which eradicated significant portions of some estate planning attorneys’ practices; the increase of malpractice and breach of contract claims; and a heightened awareness of asset protection due to recent favorable and unfavorable opinions and rulings.
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