Attorney-CPA Joe Cordell and co-host Susan Arthur highlight how to protect your assets in a litigious world on this episode of ElderTalk with Joe Cordell. Joe discusses how corporations or other types of entities have methods of protection, in order to lower the risk of losing assets. He explains what joint tenancy by the entirety is and how it can affect lawsuits that can result in the loss of assets.
Joe also talks about how an insurance umbrella policy catches many of the risks that you can be liable for. He details the difference between reducing the risk and protecting against the risk, as well as explains the role that irrevocable trusts play in asset protection.
Joe also discusses how comfortable or uncomfortable the law is with uses of trusts, as well as how asset protection does not apply to those who anticipate oncoming liability issues. He also highlights the ins and outs of a self-settle trust and talks about the control and freedom that you may or may not have while utilizing asset protection.