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Home > Services > Domestic Wealth Planning > How to Choose an Asset Protection Specialist
An Asset Protection Specialist is called an Asset Protection Planner. They are generally not as widely known as attorneys or accountants because the field is a relatively new offshoot of Debtor-Creditor Law. Law and accounting have been known for centuries, the barrister and the bean counter have long paved the way for Asset Protection Planners.
With the emphasis in volatile markets and increases in litigation, Asset Protection has become a studied and researched field of practice. Thus, you should choose a planner who is educated, certified and practiced.
Asset Protection Planners often have other certifications and specialties since part of the field involves strategizing with legal and accounting tools and techniques. An Asset Protection Plan without a comprehensive Estate Plan may protect individual assets, but it is not suited to gain the advantages in taxation and protection.
Many people think that their assets are safe. It is a common notion that many people are aware that they could lose their home or have a lien attached in a lawsuit. However, there are uncommon threats that remain uninvestigated involving many people and their pensions, portfolios and their succession plans.
This is why you need to choose more then an expert; someone who can be effective in accomplishing the results you want when it comes to Asset Protection and Estate Planning. Many times a person gets a will from an attorney with some covenants and durables and assumes that they are protected. They also usually assume that they are paying their due share of taxes without investigating all of the opportunities that are available. This is why you need to work with a specialist.
Here are some of the following criteria that we use in qualifying our Asset Protection associates at SA.
Certification and Education – In order to be an Asset Protection Planner or Estate Planner, you have to have a certain repertoire of techniques and tools. This is often the combination of multiple talents all with their own specialty. An Asset Protection Planner is generally the one who coordinates the plan and arranges for the transfer of assets. Therefore, the planner should be certified and have superior knowledge of titling, protection law, accounting, taxation codes, both domestic and international and succession.
CAPP is the certification that we recommend your planner have. Regardless of whether a person is an accountant or an attorney, we recommend the Certified Asset Protection Planner Certification,
An Asset Protection specialist must have experience with titling and trust work; anything else does not make the grade.
A word of caution for the consumer; everyone who is certified in other fields such as law and accounting is not necessarily an expert in Estate Planning or Asset Protection.
Reputation – It is not enough to get a reference from a friend here. If you read this site or www.trustmakers.com you will see plenty of people who have been scammed. You should have a team of professionals working for you and this may mean as little as your accountant or attorney just checking the documents to more complicated matters and estates that require more work from the professional team.
Fees – As with all professionals, fees vary. However, the billing is calculated, you need to have a fee agreement in place. When planners do not put fees in place, it is not a good sign.
Retainer – Am Asset Protection Planner may charge a retainer with a deposit due and then a collective fee agreement for certain benchmark accomplishments. This should be very clear in a contract. Watch out for the use of a retainer and then the continuing added and often surprise billing.
Flat Fee – This again is a flat fee for a service. The client knows exactly what to expect for how much money.
Billable Hours – Sometimes an Asset Protection Planner acts as a consultant to an attorney or another Estate Planner. Often these consultations are by billable hours to provide maximum use of the client’s money. Usually there will be a ballpark estimate on hours and if you want, you can set a limit. This again should be contracted.
Experience – The experience of the planner is very important. It is hard to fathom that a planner could recommend offshore and international investments and not even have a passport or not have any affluence of the world. Be careful with planners who “profess” to be knowledgeable, but in fact, they are just good readers in the information market, which is so easily accessible by all.
Technology – When we speak of technology, we do not refer to the latest in computers; we refer to the experience with the latest tools available as granted by the IRS and by changes in legislation that may affect you plan.
At SA, our goal is to educate you and service you in your due diligence. This is why we investigate the reputations and certifications of our colleagues and only then would we recommend them to you. At SA, we choose authorities and planners with top-notch reputations.
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