In today's society where divorce, family breakdown and litigation are unfortunately common occurrences, estate planning and asset protection have become significant and vital legal exercises. When substantial family assets are accumulated over a lifetime of hard work, getting this task right the first time can mean significant potential savings both in terms of dollars and heartache. In last month's edition we examined the importance of having a current, well thought-out will, and - as the first step - knowing what is actually owned by the individual and therefore bequeathed in a will. In this edition we will explore some of the tools needed as part of this estate planning and asset protection exercise.
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