Have you taken all the asset protection steps necessary to protect your family? If so then you will have done each of the basic asset protection actions listed in the following table. If not, your most valuable asset – your family – is unprotected and could suffer economic and emotional harm if you were to die or become incapacitated.
| Type of Family Protection | Are You Protected? |
|---|---|
Vehicle liability and damage insurance | |
Home owner’s insurance | |
Home owner’s insurance | |
Health Insurance | |
Life insurance on breadwinner | |
LLCs to own businesses & investment real estate. General rule of Arizona LLC law is the owner of the LLC is not liable for the LLC’s debts & obligations. | |
Last Will & Testament if you have minor children that tells the court who you want to raise your minor children if both of their parents are deceased | |
Healthcare Power of Attorney naming somebody to make medical decisions for you if you are not able | |
Financial Power of Attorney naming somebody to manage your financial affairs if you are not able | |
Living Will that instructs hospital to pull the plug if you are brain dead and being kept alive by machines | |
Revocable living trust that passes assets to your loved ones without an expensive & public probate & that provides asset protection for your heirs so their creditors & ex-spouses cannot get any of their inheritance |
Don’t leave your loved ones unprotected. To protect your family fully you must design and sign a comprehensive estate plan with a trust.