The estate planning attorneys at The Rapps Law Firm have in-depth knowledge of asset protection laws, which vary by state, statute, and situation. All our asset protection plans are customized to the unique needs of each and every client.
The primary goal of any asset protection plan is to put you in a stronger position to negotiate a settlement with any potential creditor. A properly implemented lifetime asset protection plan may deter some creditors. Other creditors may insist on judicial remedies, but they will understand that their probability of success is significantly lower, due to the barriers you have in place. Therefore, the prudent individual will plan in advance to protect what he or she has worked hard to acquire before it is put at risk.
How much protection do you need? This is a question that many clients ask. The analysis is based on balancing the need for protection and desire for control over the assets. The more control that you are willing to part with, the more protected those assets will remain. However, if you are considering creating an asset protection plan and want to find the right balance between protection and control, we can work with you to achieve flexibility in your planning.
Trusts
Trusts alleviate many of our clients’ concerns. With a correctly implemented trust, you can decide, in advance, how your assets should be controlled while you are alive and how you want them to be distributed when you pass away. You can also decide how you want your beneficiaries to use those assets. Here are some examples that may or may not apply to your individual situation.
Lifetime Asset Protection Planning
Our lifetime asset protection planning clients are typically concerned about protecting their assets from creditors, nursing homes, law suits, bankruptcies, and more. They ask us the following questions:
- How can I protect my assets from the overwhelming costs of nursing homes and other long-term care options?
- If I qualify for Medicaid or other government benefits, will the government be able to recover my assets during my lifetime or when I pass away?
- If I am a doctor, broker, or other person in a high-risk profession, how do I make sure someone cannot sue me for everything I’ve got?
- If I get divorced in the future, I don’t want my assets to pass to my former spouse’s new husband or wife. How can I prevent this?
- If I pass away and my spouse remarries, do my assets have to pass to my spouse’s new husband or wife?
- My spouse and I have unequal wealth. How can I provide for my spouse in life while maintaining control of my assets?
Asset Protection for your Heirs
Other estate planning clients are concerned about planning for their beneficiaries. We can design a trust for your heirs that provides better asset protection than any plan they can design for themselves if they were to receive their inheritance outright, for substantially less in fees. Here are some questions that may or may not apply to your individual situation.
- Are you concerned that some beneficiaries are spendthrift, perhaps with gambling, shopping, or other addictions?
- Might any of your children engage in activities that may make them targets for law suits, bankruptcy, or other significant creditors?
- How do I protect my beneficiaries from paying unnecessary taxes on their inheritance?
- If my children get divorced, will they have to give away their rightful share of my assets to their former spouses?
- Are my assets protected within the family line?
At The Rapps Law Firm, we answer questions like these every day. Feel free to give us a call to discover how we can help you.
