December 30, 2009
Daniel S. Rubin, a partner in Moses & Singer's Trusts and Estates and Asset Protection practice groups, is quoted in the December-January 2010 edition of Worth magazine. In the article, "Year in Review: 10 Steps to Financial Recovery," Dan comments on protecting assets from creditors and protecting heirs from themselves. Below are excerpts from the article.
If you work in law, medicine or another litigation-prone field, consider going one step further by setting up an asset protection trust to shield your wealth from plaintiffs and creditors. "If you set one up before you ever get sued, creditors can't reach the trust," says estate planning attorney Daniel Rubin, a partner at Moses & Singer in New York. "I encourage clients to do the planning ahead of time."
By leaving assets to the trust, rather than making direct gifts to beneficiaries, the money will be shielded from lawsuits, creditors and ex-spouses alike. "You can't protect your children from making bad decisions," says Moses & Singer's Daniel Rubin. "But you can protect them from these outside forces."
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