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Protecting your assets now and in the future

Whatever state your personal finances are in, it might be a good time to think about protecting both yourself and your heirs now and in the future. Solid estate planning through vehicles such as trusts is one way to ensure your assets and your legacies are protected. Estate tools might also help you solve some financial issues today.

For example, if you want to protect your assets against possible creditor or tax situations in the future, you might consider putting them into trusts. While a trust doesn't necessarily keep your car from being repossessed if you don't make the payments, trusts can keep creditors from accessing cash or other accounts in some cases.

You can't plan for tomorrow without paying attention to today, though, and many people are so stressed about current debt situations, they believe they will never be able to save for retirement. If they can't save for their own retirement, they certainly don't think they can build wealth for heirs.

Before entering the estate planning process, some individuals might need a financial reset. While bankruptcy is not something that should be considered lightly, it is one option for resetting yourself financially. There are consequences to bankruptcy, particularly with regard to credit, but after a certain amount of time, those issues are diminished. With good management following a bankruptcy, you can find yourself in a position to fund trusts for children or save for retirement.

Another way to reset the books is to consider a debt settlement. This involves working with creditors to settle debt for less than you owe. Again, it is not something to be entered into lightly, but debt settlement can help you pay off creditors earlier so you can afford to plan for your late-life needs and heirs in the future.

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