Advanced Asset Protection with Michele Fischbein
Today, we’re joined by a prestigious guest, Michele Fischbein, a law expert all the way from Southern California, specializing in advanced estate planning and asset protection.
About Michelle Fischbein
Michele is known for her expertise in business law and advanced tax law. She began her career in transactional law, then noticed that many aspects of her work had prevalent tax implications. This led her to gain a master’s degree in tax law. Michele now works with high net worth individuals who require more than just business planning; they need advanced estate planning and asset protection.
The Basics of Asset Protection
For beginners, asset protection starts with insurance coverage. Then, a structure for holding properties usually in terms of a limited liability company (LLC) or a limited partnership. But the advanced strategy Michele talks about is protecting the top individual of the pyramid. She discusses irrevocable trust as a vital part of asset protection.
Irrevocable Trusts
An irrevocable trust is the foundation of asset protection. The main aim of an irrevocable trust is stopping a lawsuit before it starts, focusing on protecting ownership. If you don’t legally own something, no one can sue you for it. Therefore, trusts protect against lawsuits.
Beneficiaries and Trustees
Usually, a trust consists of a trustee and one or more beneficiaries. The whole setup is designed so that you can control everything but own nothing, providing 100% control, but eliminating ownership risk.
Estate Planning Benefits
These trusts also come with estate planning benefits. You can name secondary beneficiaries who would inherit assets after your death, like in a regular estate planning trust.
Advanced Asset Protection Checklist |
---|
Establish the right level of insurance coverage. |
Set up a structure for holding properties. |
Consider irrevocable trusts as part of asset protection. |
Understand the roles of trustees and beneficiaries in trusts. |
Consider estate planning benefits of these trusts. |
Stay connected and discover more about my work in real estate and by visiting and following me on various platforms:
Real Estate Espresso Podcast:
- Spotify: The Real Estate Espresso Podcast
- Website: www.victorjm.com
- LinkedIn: Victor Menasce
- YouTube: The Real Estate Espresso Podcast
- Facebook: www.facebook.com/realestateespresso
- Email: podcast@victorjm.com
Y Street Capital:
- Website: www.ystreetcapital.com
- Facebook: www.facebook.com/YStreetCapital
- Instagram: @ystreetcapital