Umbrella Insurance for Asset Protection
In the world of asset protection, one well-known concept to mitigate risk is to transfer the obligation for payment of a valid claim to another person. This risk mitigation is…
Per Stirpes or Pro Rata? You probably want Per Stirpes
Periodically checking and updating beneficiary designations on retirement accounts and life insurance is prudent. The next time you navigate the online portal or the old school paper form to write…
Rethinking Asset Protection
Some readers have heard of personal asset protection strategies like trusts or limited liability companies. The draw to products like these is the supposed promise that your personal assets can…
Remove Beneficiary Designations on Non-Retirement Accounts
Non-retirement investment accounts are often set up with wealth management firms. When the account is set up, there is an option to put a beneficiary designation on the account and…
The Multi-Pronged Approach to Paying for Your Child’s Education
As higher education costs continue to rise, it’s important to consider how best to fund your child’s or grandchild’s education. I propose a multi-pronged approach to utilize tax-advantaged 529 plans,…
Family Car Doctrine of Liability
From time to time, it is important to take stock of our own personal liability exposure and find ways to mitigate that liability. Liability exposure can creep into our lives…
Land Acquisition and Hazardous Materials Pitfalls
When a person endeavors to purchase a piece of real property (i.e. land and any associated buildings), the purchaser would be wise to study up on the potential liability he…
Protect Against the “Attractive Nuisance”
If you’ve ever driven past an abandoned house with rusted play equipment in plain sight and thought that it looked like a dangerous trap for unwary children, then you intuitively…
Place Real Property in LLC for Protection
Generally, in Washington state, income producing real property should be placed into a Washington limited liability company (“LLC”). What is real property? Real property is any property that is of…
Asset Protection Strategies
We make money and we want to keep it. But, potential creditors are lurking around every corner. Perhaps it’s a professional malpractice claim. Perhaps it’s a divorce. Perhaps it’s a…
