What is asset protection planning?
Asset protection planning involves the application of a variety of techniques that can protect your assets from potential creditors. These techniques aim to deter creditors from going after your assets or making it difficult for them if they do.
Do I need asset protection for all types of assets?
Certain assets are exempt from garnishment, while other types of assets will need more protection. Certain types of property that is exempt include social security benefits, household furniture, retirement benefits and health benefits. State law determines which assets are exempt, so it’s important to contact an estate planning attorney in your area to determine which assets you should focus on protecting.
Can a retirement plan protect my assets?
If the retirement plan is qualified under the Federal Employee Retirement Income and Security Act (ERISA), the money in the plan is exempt from creditor claims. A third party cannot get a hold of retirement funds in plans that qualify under ERISA. If you are interested in protecting your assets with an ERISA-qualified plan, fill out our free case review form on the right to speak with an asset planning attorney.
Are there techniques to avoid or reduce estate taxes?
An estate plan can help reduce or avoid estate taxes for those who have accumulated a significant amount of money. This allows you an opportunity to give more of your property to beneficiaries rather than the government. Gifting, credit trusts, family limited partnerships and private annuities are a few of the strategies that can help you avoid or reduce estate taxes.
How can I receive help in creating an asset protection plan?
Simply complete our free case review form on the right. Our asset protection lawyers will review your information to determine whether we can be of assistance. Because there is often a fine line between legal asset protection techniques and fraud, anyone interested in developing an asset protection plan should first speak with an estate planning lawyer.