The IMF has announced that by the year 2016 China’s economy will surpass America. They are not the only ones seeing trouble on the horizon. John Mauldin, a financial analyst and the author of ENDGAME: The End Of The Debt Supercycle And How It Changes Everything, says that the US must confront the fact that it has borrowed too much and must cut back.
The US’s $1.6 trillion-a-year deficit must quickly be cut to about $300 billion a year, or the US will face a debt crisis. These cuts are going to be painful and ordinary Americans will bear the brunt of the impact. These ordinary Americans will pay higher taxes and have significantly reduced Medicare and Medicaid benefits according to Mauldin, along with cuts to almost everything else in the budget. So when I ask, “Is your estate protected?” it is a serious query.
Now is the time to prepare your estate for future austerity. I can’t tell you where to invest or how, but I can tell you that if you prepare with the proper estate planning and asset protection now, the consequences will be less severe later.
What is Asset Protection and Estate Planning? Your estate includes all of the property or assets you own. This means not only your tangible personal property such as your home and your car, but it also includes intangible property such as bank accounts, stocks and bonds. Is your estate protected?
Is your estate protected includes protecting your assets and planning your estate. It involves not only controlling your property now, but also involves how you hold property to get the best tax advantages and the most personal protection. Interested? You should be. Why would you leave yourself vulnerable to more taxes than you need to pay? You should do your asset protection planning and estate planning today to get the maximum lifetime benefit from your plan.
Remember the rich kid in your high school class? Everybody had a rich kid at their school. This kid left high school and showed up later successfully operating Dad’s big business. He lives the good life. He will not bear the brunt of America’s debt crisis. You may find yourself thinking, “How can he do that? I’m smarter than he is.” You probably are smarter than he is. The catch is, he was born into a family that already had a legal asset protection structure, a legal foundation in place. The question to ask is, “Is your estate protected?”
It is amazing the success this legal structure brings. Why? When this kid makes a mistake, he falls back onto the legal structure his family created. He is protected. When it comes tax time, oh it hurts, but the hurt is small, because every part of his empire is structured to protect his assets and save him taxes. Isn’t it time you put your affairs in order so that you can protect your estate from what the future may bring?
Is your estate protected includes protecting your assets and planning your estate. It involves not only controlling your property now, but also involves how you hold property to get the best tax advantages and the most personal protection. My book Protecting Your Financial Future discusses how to the question Is your estate protected in detail.