All too often people confuse their responsibility for debts incurred by one spouse or the other. Responsibility for debts owed are not only premised on the State in which you reside, but, also on whether the debt was incurred before, during or even after the termination of a marriage. Hence, if your business is not protected, it too can be the subject of debt collection between the spouses, or even a source of debt that can affect the personal assets of the family. In this show, Bill and Rick put a defining perspective on when, how, and under what conditions, incurred debts may be jointly “owned”.
As a consequence of requests resulting from a past show referencing trust asset protection principles, this show’s focus is linked to beneficiaries of a trust and the creditor protection they are afforded under certain circumstances. While we advocate sound, advanced planning and working off of a solid financial foundation, sometimes problems just can’t be avoided, even under the most thoughtful case scenario.
Bill and Rick discuss the basic framework of an estate plan for family and business asset preservation and how you can pass on your net worth to loved ones without the costly expense of probate. Also discussed are other advantages of securing a complete trust package, such as complete privacy from prying eyes, as well as the specific documents of which it is comprised.