The majority of people begin to consider asset protection planning only after being served with a lawsuit, but by then, it is already too late to shield your assets.
Insurance, trusts, incorporation and retirement accounts can protect you from poverty if you’re sued.
St. Louis Post-Dispatch business columnist Jim Gallagher interviewed Cordell & Cordell co-founder Joseph Cordell and Belleville Divorce Lawyer Richard Coffee about the law firm’s new asset protection business and “Keeping Judgment Hounds At Bay.”
“We’ve been protecting guys’ assets from arguably the greatest menace that might exist out there,” Cordell told Gallagher. He meant their wives.
Now Cordell & Cordell is expanding the practice to help guys protect themselves from other threats – namely lawyers waving judgments.
Read the full article on St. Louis asset protection.
And remember, to secure all that you’ve worked so hard to achieve, Cordell & Cordell now offers asset protection services in St. Louis to safeguard your financial future.
Call 314.725.0000 Or Email Us To Set Up An Appointment
A divorce can lead to a division of assets that can hurt the retirement benefits that an individual receives. These people should examine how to protect their money when going through a split. Pension Calculator reported that retirement savings can be dragged into the divorce, and this can limit the amount of money that an elder individual has when they are in their post-working years. According to the news source, a pension is often among a couple’s largest assets, usually coming in second after the matrimonial home.
The process of dividing a pension plan between the former couple is a difficult process, as there is a series of factors that play into the court’s decision. These include the needs of each individual, children that are involved and the length of the marriage, according to Pension Calculator.
Fox Business reported that if a Qualified Domestic Relations Order is not drawn up, then an individual who worked and received a majority of the income would likely be forced to give half of it to their ex-spouse.
A woman has claimed that her ex-husband’s pension should be added to his alimony obligations even though it wasn’t part of the original divorce settlement. The Nevada Supreme Court will examine that claim, the Las Vegas Sun reports.
The court will hear both sides of the story of the Doan divorce. Craig Doan claims that for seven years he has fulfilled his alimony obligations to his ex-wife, but when Catherine Doan believed she also needed 50 percent of his pension, the ex-husband put his foot down. This figure was not included in the divorce decree, and Craig Doan filed an appeal.
According to the publication, the court is considering this case because it has “statewide interest” and could affect similar situations in the future.
The news source stated that, in court documents, Craig Doan said that “to take away a portion of my pension now would ruin me financially,” particularly after he stated that his ex-wife received their car and home in the divorce, as well as more than $1,100 in monthly alimony.
In Massachusetts, lawmakers are working to reform the state’s alimony system to establish guidelines for a number of payment issues, including the duration of payments, according to WAMC.
A growing number of American couples are calling it quits after long marriages, according to The Wall Street Journal. However, these late-in-life divorces bring new challenges for older adults.
“As years go by and they get close to retirement age, where they have to be near one another more, one of them realizes they don’t want to live the rest of their life in this manner,” a divorce lawyer in New York explained to the publication.
When a couple decides to divorce after a long marriage and they have done well financially, it can be difficult to figure out how investments, pensions, other retirement savings, vacation homes, businesses and other assets should be divided.
The needs of older adults going through a divorce are also different from younger separated couples, explains New York financial adviser Jeffrey Landers. The goal is often to walk away with enough money to support retirement, especially since it can be difficult to find work later in life.
According to Smart Money, it is a good idea to create a new power of attorney document after a late-life divorce. Usually, that person is a spouse, but after a divorce you must appoint someone to be able to make decisions for you if become unable to make them.