One must protect their valuables, for their own good and the sake of their loved ones. When thinking about how you want to leave your assets to them, there is an important question to ask. Are your assets protected? Therefore, as part of your estate plan, you address this question.
Also, as business owners, business professionals and property owners you have an additional concern. You need to safeguard your assets from creditors and third-party legal claims. Naturally, you don't want your family to be affected by these claims in the event of your death.
At Bolinger Law Firm, we offer an Asset Protection Plan. Ultimately, the goal of this plan is to protect your assets. Failing to protect your personal or business assets with an Asset Protection Plan exposes them to costly lawsuits and judgments. Therefore, upon your passing, your loved ones would have to defend those assets and pay legal costs as well.
Let us help you by putting together an estate plan which includes an asset protection plan. That is to say, we can transfer and shelter assets and avoid probate. You and your loved ones are protected in life and death. In conclusion, they and will ultimately reap the benefits of your hard work.
How to Protect Your Assets
Having an Asset Protection Plan for personal or professional assets is not just for the super-wealthy. As a matter of fact, it’s good practice for everyone. The use of an irrevocable trust shields your assets and beneficiaries from legal claims. And, it allows your loved ones the chance to grieve without the added emotional, physical, and financial suffering.
There are several types of plans available:
- Asset Protection Trust
- An irrevocable asset protection trust is designed to protect your money and/or property from creditors. This is done by transferring ownership to a trustee who manages it for you. The property then becomes “owned” by someone else. In effect, this blocks creditors from the ability to seize those assets.
- Bypass Trust
- A bypass trust helps spouses avoid unnecessary estate tax liability if one should pass away before the other. Each spouse leaves property up to the maximum allowed to a bypass trust, then passes on the rest of what they own to the other. The property left to the trust is covered by the estate tax exclusion. It is not subject to estate tax in the surviving spouse's estate.
- Specialized Trusts
- There are other types of specialized trusts that can help you. An estate planning and business attorney from Bolinger Law Firm can set one up based on your specific needs.
Guard Your Life’s Work
So, are your assets protected? Don’t be caught off-guard! It is vital to protect your personal and business assets. Therefore, take steps now to limit potential liability down the road. Asset protection can be the difference between financial safety and financial ruin for those left behind.
Call (636) 386-8322 or contact us today to speak with an experienced St. Louis Estate Planning and Asset Protection Attorney at Bolinger Law Firm. Moreover, our door is always open and our consultations are free.