Many "Consultants" and "Trust Specialists" advertise asset protection services. Is this a good way to have my plan prepared?
A proper asset protection plan can only be prepared by an attorney. Asset protection requires a specialized knowledge of many facets of the law, including taxation, estate planning, litigation, bankruptcy and collection procedures. If you are attempting to create a plan that will withstand an attack from a high priced lawyer on the other side you need a good lawyer on your side from the beginning. You would certainly not consider having a non-lawyer represent you in court and you should not consider having a non-lawyer prepare the legal documents that may ultimately be tested in court.
Attorneys are responsible for what they say to you and the work they perform. They have a license from the State Bar and will lose their livelihood if they mislead you. Also, most reputable attorneys carry significant malpractice insurance to pay a claim if they are negligent in representing you.
No such safeguards are available from an "Asset Protection Consultant" or "Trust Specialist." They can say and promise you anything without oversight, regulation or legal consequences. And generally, you won’t even know that what they told you wasn’t true until it’s too late.
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