Generally, asset protection planning consists of the issues pertaining to the use of insurance, entity selection, the manner of holding title to assets and the protection of retirement plan assets from creditors (Prescott, supra) . At the nucleus of asset protection law is how you hold title to your properties, how you organize your business and when you should make your move to insulate your assets. Leaving your properties unprotected is like furnishing a house that is totally exposed to the elements with no roof or walls. For every hard-working Filipino, the acquisition of properties is an uphill climb. The home is a special asset that should be given special protection other assets do not have. How you hold title to your home will determine if there is adequate insulation to your special asset. In the United States, some people put the house in trust, hold the house jointly or give away the house with a life estate. When someone gives away his house, he may include a provision that states that he retains an interest in the property for the remainder of his life. That interest may take the form of a life estate where he has a lifelong right to live in the home as well as to receive any income or benefits that may accrue from the property. A life estate does not mean that you own the property; it means that you have an interest that ends when you die.
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