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HOW TO PROTECT YOUR ASSETS WHILE SAVING FOR A TAX-EFFICIENT RETIREMENT

Chelsea Redding March 23, 2017

I recently had a client ask me if I could create a trust that would allow him unlimited access and control of his assets while providing protection from potential creditors and money-hungry claimants. Unfortunately, Texas does not have a domestic asset protection law. In fact, it is against public policy for a settlor to create a trust for his own benefit to insulate himself from creditors.

Although a trust was not a viable option to meet this client’s needs, we were able to provide him with a creative solution that would not only meet the client’s concern for asset security, but would also address his need for a tax-efficient retirement. The solution was a Life Insurance Retirement Plan (LIRP).

At Redding Fitzpatrick LLP, we have the luxury of sharing office space with Metroplex Wealth. Metroplex Wealth is a company that focuses on helping individuals achieve a stress-free retirement through the use of annuities and/or life insurance. Metroplex Wealth was able to assist our client through the use of an Index Universal Life Insurance (IUL) policy that addressed each and every issue our client was facing. This policy would (1) allow him access to his money, (2) protect his assets from creditors, (3) and provide for tax-efficient withdrawals during his retirement years.

Redding Fitzpatrick LLP and Metroplex Wealth are two companies that work together to form creative strategies that will ensure clients needs are satisfactorily met. Our “one-stop shop” gives clients the experience of working with professionals of differing educational backgrounds and expertise all under one roof.