Estate Planning And Asset Protection

Author:Mr Ricardo Cambra La Duke
Profession:CLD Legal

How many times have we heard of a celebrity who has lost all his fortune or much of it? How many other cases exist of people who die and leave countless legal problems to their heirs? Debts, taxes, conflicts between partners, among others.

A good estate planning, involves or goes hand in hand with an asset protection strategy. The above, well done, will leave your heirs free of problems and, on the other hand, with a good asset protection strategy, you can eliminate the risk of losing everything, whether due to an accident, illness, a failed business, divorce, breach of contract, political changes, among others.

On the other hand, good estate planning implies that you have control, as far as possible, about how your assets will be divided. It also involves you reviewing your plan from time to time, in order to keep it up to date, especially if you are accumulating assets and / or people that you want to include in your planning. In the latter case, we can take as an example the case of the famous actor Heath Ledger, who died in January 2008 and that after his death, reports emerged that he had not updated his will, created before his daughter was born. As a result, the entire Ledger estate of $ 20 million went to his parents and three sisters. A will must always have a language that refers to any natural children, adopted or stepchildren, and any offspring you may have in the future. Fortunately, family members revealed at the end of 2008 that all of Ledger's money would go where he wanted to: his daughter Matilda Ledger, whose mother is actress Michelle Williams.

Another surprising case is that of the famous singer Prince, who died in April 2016 at 57 years of age. The surprising thing is that Prince did not leave a will, he did not have an estate planning, which has led to his case being publicly aired in a Court of...

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