When Barack Obama made history and took office on January 20, 2009, he joined forces with a strong Democrat congressional majority. Since the inauguration, the stock market has continued to drop, the housing market is still distressed, billions of dollars in bailout money have been paid to GM, Chrysler, and AIG, and numerous large banks. The war in Iraq is being wound down, but federal money saved on that front is going to pay for the expansion of the war in Afghanistan.
The hard working medium to high income earners, sophisticated investors, savers, and those with retirement funds in the market are now paying the price, and their children and grandchildren will continue paying well into the future. After all, someone must pay back the trillions in added national debt being created through the various bailouts and their progeny, the propping up of the failing American automobile industry, and the hundreds of billions invested by the government in companies too big to fail, to say nothing of expected legislation regarding health care for all, and expanded benefits to illegal aliens.
This Second Edition has been updated to address some specific estate planning and asset protection tools that can be particularly advantageous in the current recession. The nuances of federal tax law and the current financial condition of our country with depressed real estate values, stock prices, and interest rates makes the use of Charitable Lead Annuity Trusts (CLATs), intra-family loans, and outright gifts very effective asset protection, estate planning and wealth transfer techniques. These techniques are discussed in Chapters 23 and 27.
What Can You Do?
How can you protect yourself, your family, and your descendants from the devastating effects of this economic nightmare?
Although not a cure-all, the creation and implementation of a personalized estate plan with asset protection features is an excellent first step to personal and family economic stability in these otherwise erratic financial times.
Individuals who wish to protect their savings, their income and their families from the devastation of the current financial situation are quickly scheduling counseling sessions with their advanced estate planning attorneys, who design personalized Politics Proof estate plans. Those who fail to plan now will unfortunately pay later.
Possible estate and asset protections are practically endless. With knowledge comes power. With the assistance of trained counsel, you can take steps to protect your assets, your future, and your familys legacy for generations to come.