18 Lessons
The Asset Protection Roadmap assumes students are new to the subject matter. They are aware of the need for either an estate plan or an asset protection plan but they seek more information. If this describes you, then this course is right for you. It lays out the three steps of planning: 1) Choose Your Money Model; 2) Assemble Your Team; and 3) Create Your Plan.
The first step lays out the three models to planning. For effect, they are referred to as "Money Models." They are: 1) Estate Transfer, 2) Asset Protection, and 3) Generational Wealth Building. It is very important to understand these models and select the one that meets your objectives. Each model uses different legal documents and provisions. As the student will learn, most make the mistake of hearing about a particular legal document, e.g., a living trust, and insisting on a plan based on that document. Selecting the legal document is the last step. Beginning with the correct sequence and correctly identifying the models will lead to the appropriate plan for the plan creator, i.e., you, and entail far less stress in building it.
The second step is often ignored until the end of the planning process and, much to the frustration of the person building the plan, takes far more effort than initially anticipated and, on occasion, prevents the successful implementation of the plan. The second step, Assemble Your Team, refers to the appointment of future decision-makers who will serve as Personal Representatives of an estate, a Trustee of a living or testamentary trust, and agents pursuant to financial and healthcare powers of attorney. The course discusses the pros and cons of choosing family members to fill this role compared to the appointment of professional trust companies. To reduce conflict, increase efficiency, and create a well-oiled wealth management vehicle, the various structures of trust management are discussed.
The final step lays out the mechanics of each type of plan, including the essential documents and provisions relevant to each. This final step also includes the course's drafting app. This app is a proprietary software application that the student will use to create a full set of documents.
