Protecting Assets for Me and My Family

The clients have two sons in their mid to late 20s living at home with them. They wanted to encourage the sons to take more initiative and get on their feet.

We recommended that the clients remove their names from the titling of their sons’ cars to separate liability and place their sons on their own insurance policies. We also advised that the clients increase their auto liability limits to 250/500 and add at least a $1mil umbrella to mitigate the financial risk to their assets.

We advised the clients to consider establishing a trust and naming it as a beneficiary on their large retirement accounts. This would allow the clients to establish income-matching provisions or other incentives to ensure that the sons are on the right track before receiving all the assets and also protect the assets from potential creditors of their sons.

Finally, we advised the clients to have both sons establish a Financial Power of Attorney, Health Care Surrogate, and HIPPAA Release forms naming both parents in the event of an emergency.

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