My name is Steve Sciarretta. I am an attorney in Florida. I have been practicing for almost 30 years. Your host, Larry Bryan, is an old friend and client of more than 20 years.
My practice has to do with drafting Wills, trusts, setting up the right corporate entity/s and otherwise helping my clients to protect their hard earned money while they are alive. I also help them with strategies and documents to pass it on to their families and chosen other places when they die in the most tax efficient manner.
And yes, I really do think I have seen it all…families that care for each other above all else and those who have drifted so far apart that they don’t even see their children or grandchildren. Shakespeare was right: there is nothing new under the sun.
I can tell you that you need good, clearly written, well drafted documents that can own and/or pass your wealth along as YOU desire. Depending upon your particular circumstance, your documents may be a few simple pages or may look like a Russian novel.
If you own a business or are in a second (or later) marriage, things can be complicated. Will one or more of your children inherit your business? Will your new wife and old children end up in a bloodbath of litigation over your fortune? Remember, you are the bridge that connects your current wife and children. Once you die, the bridge may well collapse.
You also need to consider if taxes will impact your wealth when you die. Since death taxes can far exceed 50% in some cases, making sure you are properly planned for to avoid these taxes is really important.
Finally, are you well protected in what you own? What if you are sued for any reason? Can your saved wealth, your business, or any other asset you own be taken away from you?
Asset protection is not so easy to achieve. For sure a basic revocable trust is NOT going to do the trick as they are not designed to afford asset protection. In almost all situations it takes some really well thought out and executed planning to properly protect wealth from creditors.
You should know that the laws of every state are different when it comes to protecting wealth. Some states offer far better protections than others. You may live in one state but it may be better to have your entity or documents set up in another. So, you need a most knowledgeable professional to work with you to accomplish these goals.
Good Luck and remember, there is no time better than right now to get your planning done as tomorrow may be too late!! Please don’t hesitate to call me for a 15 minute free consultation at 1-800-545-8454.
Okay guys, whaddaya think?
Have you had a similar experience? Can you relate? Share your thoughts, your stories, your questions and advice so we can all learn from one another and make better decisions. Plus, you’ll get some huge karma points for doing so.
Have a great day and a great life.
A regular guy, another opinion.℠