Are you concerned about the safety of your assets? You may want to consider setting up an asset protection trust with the assistance of experienced asset protection trust (APT) lawyers.
Asset protection trusts are powerful legal tools that can help you protect your assets from creditors and other claimants. An asset protection trust is a great way to secure your financial future and keep trust assets out of reach of creditors, probate proceedings, and lawsuits even after you’re gone.
An asset protection trust attorney can provide advice and guidance on setting up an appropriate trust, as well as review any documents related to the trust. With the help of an experienced lawyer, you can rest assured that your assets are protected from potential claims.
Revocable Living Trust Vs. Irrevocable Trust
An estate planning lawyer could suggest either a revocable or irrevocable trust to protect your assets when you’re gone. Both of these types of trusts will avoid probate and can be handled by a trustee as per your instructions.
The two kinds of trusts have distinct differences, one being that an irrevocable trust offers protection for your assets during your life, whereas a revocable living trust does not.
Even though the stuff in your revocable trust belongs to you, creditors still have legal rights over it – the government acknowledges that. So, if they come after your property, they’re legally allowed to.
Irrevocable trusts are great for asset protection and keep your assets safe from creditors or court interference. The trustee is responsible for executing the legal status of these assets when it’s time to disburse them to your beneficiaries upon passing away.
5 Key Strategies Used by Asset Protection Trust Lawyers to Secure Your Legacy
Turn Assets Into Trusts
Trusts are a great way to guard your assets from potential risks and gain some legal security. Setting up trusts is a great way to keep assets secure and make sure they don’t get drained to pay for nursing home care.
It can also help protect from irresponsible heirs, reduce or avoid estate tax, and stop your property from being wasted due to incapacity. With trusts, you’re able to establish a certain level of security for your property. This reduces the risk involved if you or anyone in your family owns these assets directly.
Keep assets in protected accounts.
A few types of accounts are specially guarded from bankruptcy and other financial issues – like IRAs and retirement plans, for example. You might want to think about buying a place you can call your own so you can get all the tax-breaks available. Homestead exemptions are definitely something to consider.
Add in a business.
Incorporating your business shields your personal assets from any business-related bankruptcy, lawsuit or large debts. In other words, you’re safe even if something goes wrong with the business. If your business is a solo-run or part of a partnership, then your assets are really exposed and at risk.
Buy the right amount of insurance coverage.
It’s essential to have adequate insurance coverage so you don’t have to worry about huge expenses. That way, your insurer has got your back. Get yourself some health insurance so you’re covered if you ever get sick.
Also, make sure your auto and home insurance policies have good liability coverage in case of any accidents or injury on your property. If you’ve got a lot of assets, it could be wise to consider getting an umbrella policy. It’ll give you extra protection if there’s ever a lawsuit and the amount you’re being sued for exceeds what your normal insurer would pay out.
Create a Power of Attorney
If something were to happen that prevented you from managing your assets, a power of attorney can make sure they don’t get messed up. This way, your wealth won’t go to waste if you ever become incapacitated.
Appointing a power of attorney safeguards your wealth by giving you the ability to choose someone reliable and knowledgeable to manage it if something unexpected comes up.
Not having a power of attorney in place can cause issues – the court would need to appoint someone, which takes time and might result in a loss of value. And even if they are eventually appointed, they may not be able to handle your assets properly.
How to Set Up an Asset Protection Trust with a Skilled Attorney
When it comes to planning an asset protection trust, it can be a tricky process. For this reason, it’s best to get advice from a knowledgeable estate planning lawyer or asset protection lawyer. They’ll help you select the right trust for your needs and inclinations. What kind of assets do you have that need protecting – real estate, cash, stocks, cryptocurrency or something else? Depending on what it is, some trusts might be more suitable.
You need to write up the trust agreement and put in the assets you want in it. For your trust document, you need to list yourself as the creator of the trust, and designate a trustee and back-up trustee. You’ll also name the beneficiaries who will get whatever’s in the trust fund.
Secure Your Future and Your Family’s!
Are you worried about the future of your assets? The team at Ligon Business & Estate Law can help protect your legacy with an asset protection trust. We specialize in estate planning and other legal services to provide comprehensive protection for all types of assets. Our team is here to help you make sure that your hard-earned wealth is secure against potential risks and provide the best security for your family.
At Ligon Business & Estate Law, we understand that securing your future and the future of your family can be a daunting task, but with our expertise in asset protection trusts, we can tailor an estate plan to fit all of your needs. We take pride in helping create a secure financial future for our clients.
Take the first step towards protecting and preserving your financial legacy today — call us today to get started!