Estate planning involves potent strategies to safeguard many of the assets you’ve worked hard to build However, to be effective, asset protection needs to be done in advance and with an understanding of the individual’s other estate planning tools. Therefore, it is important to consult an experienced asset protection lawyer to help put together your plan.
The experienced attorneys at Pierro, Connor & Strauss can create customized plans to hold or preserve assets during your lifetime, whether for your personal benefit or the benefit of your future heirs.
Depending on your goals, a “Trust” can be customized to protect property, financial assets and even business holdings. Major reasons to seek asset protection include planning to avoiding probate and to qualify for long-term care benefits. Trusts can also insulate assets from third parties who may have claims against them or from the potential impacts of a divorce, in order to keep assets in the bloodline.
Who needs to think about asset protection?
Most people could be exposed to some situations where asset protection planning might be beneficial. For example, consumer debt can lead to a judgment that puts an individual’s home in jeopardy. Certain individuals, though, are at higher risk of being targeted by claimants. People who may benefit from protection planning include:
- Doctors, lawyers, real estate investors, and those who work in other fields that carry the risk of significant potential liability may find that insurance is not enough to cover a large judgment
- Business owners and corporate officers and directors may find themselves personally liable for debts of the organization despite corporate structures that limit liability
- Couples who would like to insulate certain assets for their children or determine their financial relationship by contract instead of the state’s usual rules of equitable division in the case of divorce can provide for those preferences with asset protection strategies
- Individuals who may need long-term care covered by Medicaid can run into eligibility problems if their assets are over the qualification limit
Asset protection may not come to mind until it is too late to start. Rather than being caught off-guard, speak with an attorney about options for preserving your assets before they become endangered.
