Most people struggle for financial security and this were our Asset Protection Planning Lawyers can help. When you acquire assets through hard work, you create opportunities for everyone involved in your life. However, the stress of planning for the protection of the people you care most for can be overwhelming. Most people assume that a simple living will assures that their wealth will be transferred easily to heirs. While a will is important, without a proper asset protection plan, creditors or other parties may surprise you with their tenacity. If you have a nest egg for yourself, your family or your business, then you should take steps to ensure it is protected. Our California Asset Protection Planning Lawyers attorney can help you preserve your wealth and maximize opportunities for generations.
Our asset protection planning lawyers believes that relationships are important to any estate. We craft asset protection plans based on your history and your goals. By understanding your family’s story from your point of view, we can understand your goals. We develop a plan that protects your investments from creditors and shields your family from losing assets in a divorce. Our firm can draft a trust or business entity that can alleviate your tax obligations, offering an immediate benefit. No matter the size of your portfolio or where you are in life, we can help.
What Are My Options for Asset Protection?
Every family, individual or business entity is unique. As a result, the best way to discover asset protection options is to talk to an asset protection lawyer. Hearing your life’s story from your point of view is the best strategy to determine how to protect your assets. However, there are common strategies that our law firm uses. Generally, the cornerstone of most asset protection plan is a trust. Trusts are a method of transferring your wealth and property to family. Trusts can reduce your taxes and protect your assets from division in a divorce. A trust can be revocable or irrevocable.
Revocable trusts give a beneficiary more freedom to access assets. Since this is the case, courts may allow a creditor to collect a debt. Extra protection can be added by appointing an independent and impartial trustee who has sole discretion over distribution. Additional safe guards can be added by having multiple beneficiaries and creating economical provisions. Alternatively, you may set up an irrevocable trust. This asset protection plan is not directly controlled or owned by any beneficiary. As a result, irrevocable trusts are harder for ex-spouses and creditors to pursue.
Who Can Benefit from Asset Protection Trusts?
You, your family and your business benefit from asset protection trusts. Your heirs benefit by having their wealth shielded in the event of a divorce or other event. Additionally, your assets are protected from creditors, benefiting everyone involved. A thoughtful asset protection plan can also bring you immediate benefit by mitigating taxes. If you are a business owner, we may recommend you place property in a limited liability company (LLC) or corporation. Forming and administering these business entities can bring you some advantages.
Usually, business entities are not subject to claims against owners or creditors. The greater your assets, the more likely we are to advise the formation of an LLC or corporation. These business entities can protect your investments as well as your current assets and cash. Furthermore, our law firm can put protections in place that give heirs options to keep entities intact or liquidate assets. This prevents any sudden change to your portfolio and maintains the integrity of your wishes and goals.
Need Help? Call a California Asset Protection Attorney
Looking to protect your wealth from creditor claims? Need help developing a business protection plan? Questions about irrevocable or revocable trusts? Asset protection plans are the most effective when they are put in place before judgments occur. If this is not the case, assets could appear to be hidden or fraudulent. You deserve to have your hard-earned wealth protected. An asset protection plan can legally shield your legacy and identify risk for you and your loved ones.
The goal of business owners is to thrive, and the goal of any parent is to provide for their children. Our estate planning lawyers want your business and family to grow because if you do well, we do well. With a California asset protection attorney from our law firm, you can have peace of mind. We handle every case with respect and compassion. No matter the size of your estate, family or business, we can help. Call Cal-Probate at (877) 422-5297 or contact us through our website.