What is the difference between asset protection and estate planning?

Asset protection and estate planning are two concepts that are related to protecting assets, but there are some important differences. Asset protection seeks to shield assets from creditors, lawsuits, and other types of loss. It is often used to protect assets such as homes, investments, and cash. Estate planning, on the other hand, focuses on how assets will be transferred upon death. This type of planning involves choosing beneficiaries, making wills and trusts, and choosing how assets will be divided. Asset protection is mainly focused on keeping assets safe while they are still alive and owned by the person. Estate planning, however, is concerned with transferring assets after a person passes away. It is also important to note that some aspects of estate planning deal with asset protection, such as setting up trusts or other legal entities to protect assets from creditors. In Washington, asset protection and estate planning go hand in hand to ensure that assets are secure before, during, and after a person passes away. It is important to consult with a knowledgeable attorney to discuss the options available and to make sure that your assets are properly protected.

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What is the difference between asset protection and estate planning?

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