The main step this lawyer can help you with is in the drafting of an asset protection plan. This plan is a strategic document that will help you protect yourself, your business, and your family. Essentially, this plan is designed to guard your wealth. Its purpose is to protect your assets and property from any creditor claims – it limits creditor access to your assets in a legally binding …
Jun 14, 2021 · Things You Need to Do to Protect Your Assets After Divorce Latrice Knighton is an award-winning divorce attorney, life coach, and speaker. She solves problems using her experience and legal knowledge to offer practical advice. Jun 14, 2021 Every one of us wants to protect against any loss in the future.
PROTECTING YOUR ASSETS FROM THE GOVERNMENT Estate & Gift Taxes: Only an experienced Estate Planning Attorney can help you execute a plan to minimize or eliminate your estate’s exposure to the Federal Estate and Gift Tax.
1) Funding a protective trust at death to provide for a spouse or children, 2) The transfer of assets in return for interest in an LLC or LLP, or. 3) A transfer that exchanges for an annuity (or ...
The 8 Ways To Protect Your Assets From A Lawsuit You Should Know AboutUse Business Entities. It's important to separate your personal assets from those of your business. ... Own Insurance. ... Use Retirement Accounts. ... Homestead Exemptions. ... Titling. ... Annuities and Life Insurance. ... Get Rid of It. ... Don't Wait to Protect Yourself.
Irrevocable trustIrrevocable trust A revocable trust you create in your lifetime becomes irrevocable when you pass away. Most trusts can be irrevocable. This type of trust can help protect your assets from creditors and lawsuits and reduce your estate taxes.
beneficiaryThe beneficiary is the actual owner of the trust assets. The trustees only have administrative control of the trust assets which they manage for the benefit of the beneficiaries.
A revocable living trust, on the other hand, does not protect your assets from your creditors. This is because a revocable living trust can, by its terms, be changed or terminated at any time during your lifetime. As a result, the trust creator maintains ownership of the assets.Oct 20, 2013
Power of Attorney: Avoids the cost of your family needing to obtain a court approved conservatorship of your estate along with any family conflict that might be involved in such a proceeding. Healthcare Directive: Avoids the need to obtain a conservatorship of your person and the conflicts that may arise out of such a proceeding.
Personal Asset/Dynasty Trust: Provision in your Living Trust that not only can allow your heirs 100% access and control of their inheritance but also provide them Lifetime Asset Protection from creditors and divorces.
Proper estate planning can ensure that not only will a person (s) of your choosing will be authorized to make decisions for you when you can not but also help ensure that your family will be able to protect your assets under the following circumstances;
IRA Beneficiary Trust: A separate Living Trust with a provision to establish a Personal Asset/Dynasty Trust for your heirs lifetime asset protection for your retirements funds (IRA,401k etc) with the added bonus being able to stretch out the tax deferred status of the IRA assets for as long as possible.
Estate & Gift Taxes: Only an experienced Estate Planning Attorney can help you execute a plan to minimize or eliminate your estate’s exposure to the Federal Estate and Gift Tax.
In estate planning, reasonably equivalent consideration includes: 1) Funding a protective trust at death to provide for a spouse or children, 2) The transfer of assets in return for interest in an LLC or LLP, or. 3) A transfer that exchanges for an annuity (or other interest) that protects the principal from claims of creditors.
Economic turmoil is quickly followed by a rise of litigation, not only by individuals seeking to recover some of their losses, but also by governments seeking to claw back the profits made, unfairly, during the crisis.
Private annuities are very similar to insurance company annuities , and have some income tax consequences, but do protect the principal against attachment. There are also trusts which use annuities called split interest trusts. Some are where you (as the Grantor) gift assets but retain the right to receive payments.
Annuities are created when you exchange assets for a contractual right to receive payment over a period of time. Most people are familiar with annuities sold by insurance companies. The function is similar, but these annuities are private and do not involve an insurance company.
To protect yourself from personal liability, consider forming a corporation, limited liability company (LLC), or limited partnership (LP) for your business. Doing so will, in most cases, reduce your exposure to your business investment.
There are several types of trusts that can be used to protect your assets from creditors (e.g., asset protection trust, qualified personal residence trust, life insurance trust, etc.). Generally, to protect your assets from a judgment, the trust must be irrevocable.
In many (if not all) states, courts have power to declare certain transfers of money and property to be fraudulent or otherwise invalid.
Typically, for a trust to shield your assets, a trustee (other than you) must have the discretion to make any and all disbursements. When creating the trust, you would specify the terms and parameters in the trust document, and the trustee then governs the trust according to those terms.
For most people, the two most important insurance policies are: Automobile liability insurance and homeowner’s insurance (renter’s insurance if you do not own a home). For each policy, make sure you thoroughly understand what your policy limits are, what your policy covers, and which exclusions apply.
Beyond covering the structure and contents of your home, homeowner’s insurance has the added benefit of providing you with liability coverage for a wide array of potential claims. Here are a few examples of claims that might be covered:
Automobile liability insurance covers you in the event you negligently cause someone injuries, death, or other damages (e.g. , property, loss of wages, etc.). It is mandatory in almost every state.
An elder law attorney can help ease those costs and burdens. This article will discuss three techniques that elder law attorneys use to help families protect themselves against the financial cost of long term care once the need for that care has arisen. These strategies are just part of the planning arsenal that is available.
It will last for an average of three years. One in five of us will need long term care assistance for five years or more.
That leaves the Medicaid program, America’s health care safety net, as the most significant potential alternative source of long-term care financial assistance for most people. But Medicaid has complicated financial qualification rules that can prevent a long-term care recipient from qualifying for the program.
It’s a particularly unpleasant aspect of aging. We are likely to need long-term care services before we die. By “long- term care” I mean the type of care you need if you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease) that keeps you from living independently.
Read the Article. Asset protection can mean different things. For instance, if you are a surgeon, or a hedge fund manager, or you just sold your business, asset protection techniques and strategies are different from someone interested in protecting from loss due to a potential future stay in a nursing home.
As in many of the other asset protection techniques used to protect your money or house from a nursing home, a transfer-for-value rule may apply. There are qualifying factors, but in some circumstances, you can transfer money or a house to your child and it will be protected from Medicaid or a nursing home.
Depending on the situation and the circumstances, annuities can save a lot of a couple’s assets. However, annuities are not a magic wand. You shouldn’t just run out and purchase a bunch of annuity contracts. So, if we’re aging in place, or Preplanning Option 5, annuities probably aren’t very useful.
Different types of lawyers specialize in different areas of law. Some lawyers mostly do the work outside of the courtroom, such as drafting contracts and wills, preparing documents to comply with a process, negotiating deals, and advising clients on a legal problem. There are also lawyers who present cases in court or litigations ...
An estate attorney may also help clients build a trust fund, especially for minor beneficiaries. They may also prepare the documents that will enumerate and outline their client’s final wishes, including medical and burial arrangements. 4. Personal Injury Lawyers.
Since these are professions that ascribe to a set of standards , they have greater professional responsibilities that may be challenged in the courtroom or in litigation.
1. Intellectual Property (IP) Lawyers. Any original creative, scientific, or technical invention which may benefit the public has to be protected ...
Any original creative, scientific, or technical invention which may benefit the public has to be protected from copycats and duplicates. If you've created an art design, a unique product, a novel, a song or a computer program, you can consult with an intellectual property lawyer for securing copyright, patents, trademarks, and licensing agreements.
Family Lawyers. These are lawyers who handle all kinds of domestic cases, such as divorce, legal separation, child custody, adoption, paternity, alimony, prenuptial or postnuptial agreements, and emancipation. But family attorneys may also handle reproductive rights cases, and their work may intersect with other areas of the law.
This lawyer is an expert in tort law, which deals with civil legal liabilities and damages.
Mom was born in 1955. She has had multiple strokes and for the last year she has hidden the severity of her condition from her kids. Advice?
I'm afraid my sister is trying to steal all of my mom’s money by being on joint accounts with her. What can I do to protect my mom?