What is the difference between asset protection and estate planning?

Asset protection and estate planning are two closely related concepts that are both used to protect people’s assets and wealth. However, asset protection focuses on protecting assets from creditors, lawsuits, and other financial liabilities. This means that it focuses on protecting the documents and processes that need to be in place to protect assets. Estate planning, on the other hand, focuses on the legal transfer of assets and wealth when the owner dies. Estate planning includes setting up trusts, wills, and other legal documents that will determine how assets should be distributed when the owner dies. In New York, asset protection law provides legal strategies and processes to protect assets from creditors, lawsuits, and other liabilities. This includes setting up acceptable entities, such as limited liability companies, corporations, and trusts, which can protect assets from creditors. Estate planning, on the other hand, involves creating legal documents, such as a will, trust, or power of attorney, that will determine how assets are distributed upon the owner’s death. The main difference between asset protection and estate planning is that asset protection focuses on protecting assets from creditors and lawsuits, while estate planning focuses on protecting assets through legal documents and strategies after the owner’s death. Asset protection law in New York provides a range of strategies and processes to legally protect assets, while estate planning provides documents and strategies to protect assets and wealth after the owner’s death.

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What is the difference between asset protection and estate planning?

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