The Parade of Horribles and the Parade of Possibles

Sep 1, 2022 | Asset Protection, Estate Planning, Trust

The Parade of Horribles and the Parade of Possibles

The focus of estate planning is to protect your loved ones as well as your hard-earned assets. Estate attorneys do that by using strategies to guard the assets you have amassed from taxation, from seizure, and from other losses. To do that successfully, you must imagine the worst events that may happen, the ones that will likely happen, and consult with an attorney to ensure you plan appropriately.

What Asset Protection Opportunities Are Available to You?

Smart asset protection is a component of wise financial planning. Your estate attorney will help you utilize smart asset protection techniques to protect your assets from creditors, from taxation, and from opportunists. Since no one knows when a potential claim may arise, the best time to put those protections in place is today.

Asset Protection includes:

  • Protection from Creditors.
    • Anyone who might bring a lawsuit against you. Potential lawsuits could arise in the form of automobile accidents, a slip-and-fall injury on your property, or a malpractice action.
    • Parties to whom you may owe contractual obligations
    • A separated or divorced spouse
    • A live-in partner
    • Credit card companies
    • The IRS
    • Health care providers such as doctors and hospitals
    • Civil penalties or fines as the restitution for alleged wrongdoing
    • Regulatory penalties payable to a governmental entity

 

  • Insurance. is one way to shift your risk of loss. Types to have include:
    • Homeowners
    • Automobile
    • Life
    • Health
    • Umbrella aka Excess Liability to pick up where other coverage ends
    • Malpractice
    • Disability Income
    • Long-term care
    • Business liability
    • Directors and Officers (D&O) liability
    • Key Person

 

  • Protection of Your Property.
    • Who holds title to the following assets? You? You and a spouse? You and a partner? An LLC, LLP, FLP? A trust?
      • Personal residence
      • Rental properties
      • Vacation properties
      • Commercial properties
      • Recreation vehicles
      • Automobiles

  • Protections with Trusts. Numerous types of trusts exist to fit your asset protection needs.
    • Protective Trusts
    • Irrevocable Trusts
    • Spendthrift Trusts
    • Offshore or Foreign Trusts

  • Conversion of Assets into Creditor-Exempt Property
    • Homestead Property
    • IRA’s
    • Annuities
    • Pension Plans

  • Equity Stripping.
    • Equity stripping can take several forms. It is a simple and successful method of asset protection against creditors.
    • The process works by reducing equity in your property, thus discouraging creditors from pursuing claims against you, your spouse, your partner, your business, or entities you won.

If you would like assistance protecting your assets, please contact us at Sussan Greenwald & Wesler to speak with a knowledgeable and experienced attorney. You can reach us by phone at 609-409-3500.

 



Contact us now

For a Private Consultation

Latest Blog Posts

Common Estate Planning Questions (Part II)

Common Estate Planning Questions   Death, taxes … and probate? Not necessarily. You can avoid probate by planning ahead to create non-probate assets. Non-probate assets are assets that can be transferred after death to the joint owner without probate.   Why...

So You Think You Need an Expert: A Cautionary Tale (Part III)

So You Think You Need an Expert: A Cautionary Tale   Part III: Components of a Good Expert Evaluation   This blog is the third in a series of guiding parents in getting a good expert evaluation to serve as the foundation of their child’s IEP or 504 Plan....

Common Estate Planning Questions

Common Estate Planning Questions     What is Probate? Probate is the process through which an executor or administrator gathers the assets of a deceased person, pays their taxes and their debts, and finally transfers any remaining assets to the decedent’s...

So You Think You Need an Expert: A Cautionary Tale (Part II)

So You Think You Need an Expert: A Cautionary Tale Part II: How to Choose an Expert   A. Can We Use Our Pediatrician? Your pediatrician is your child’s regular physician. They perform health exams, do wellness checkups, give vaccinations, and diagnose and treat...

Special Needs Trusts for People with Disabilities

Special Needs Trusts for People with Disabilities     What is a Special Needs Trust? A Special Needs Trust (SNT) is an estate planning tool that permits parents, grandparents, guardians, or a court to set aside money or property or both for the person with a...

Categories

Year Published