As estate planning and elder law attorneys, asset protection planning is something that we engage in on a daily basis. The term is usually used as it applies to litigation, but there are other looming threats out there as well. In this post, we will look at three different types of asset protection.Business FormationIf you are starting your own business or professional practice, you should definitely keep asset protection planning in mind from the outset. There are different business … [Read more...] about A Look at Three Forms of Asset Protection
The process of estate planning is not strictly about getting assets into the hands of your loved ones after you are gone. It is also very important to preserve your resources, because there are sources of legacy erosion looming that can have a significant negative impact on your legacy.Estate TaxesGenerally speaking, inheritances are not subject to taxation unless the estate is particularly valuable. Inheritors are not required to pay regular income taxes on bequests, but estate taxes can … [Read more...] about Trusts Can Protect Assets in Different Ways
Revocable living trusts are an important tool that can be used to protect your wealth. However, there are limitations on the ways that a living trust can keep your money and property safe. There are also alternative tools that you might wish to use to provide broader protection -- but they involve giving up much more control over your wealth and losing flexibility. Protecting your property and ensuring that your loved ones can inherit your wealth after you are gone can be a … [Read more...] about What Revocable Living Trusts Do — and Don’t Do — To Protect Your Assets
As they say, we live in a litigious society, so it is important to protect your personal assets if you are a small business owner. There are a couple of different structures that are typically utilized, and we will look at them here. If you would like to discuss them with one of our attorneys in person, simply send us a message requesting a consultation we will get back in touch with you promptly.Limited Liability CompaniesA very commonly used asset protection structure for small businesses … [Read more...] about A Look at Asset Protection Strategies
A Rochester asset protection attorney helps people to keep their wealth safe. Everyone needs to make certain they have been proactive about protecting their money and assets because there are always risks and you work too hard to lose what you have built. However, those who are most vulnerable to loss must be especially careful to make a solid asset protection plan so they don't find themselves without the financial security they tried to create for themselves. Small business owners, in … [Read more...] about Why Do Small Business Owners Need Asset Protection?
A Rochester area elder law lawyer provides insight into different steps that you can take to protect your assets. Depending upon your specific situation, one of the most important asset protection steps that you may need to take could involve the purchase of an insurance policy. Determining the type of insurance coverage you may need can be complicated, so you should reach out to a legal professional who can conduct an investigation of your specific situation and who can help you to make smart … [Read more...] about Insurance You Need to Protect Your Assets
A Pittsford living trust attorney can help you to determine if creating a trust is a good option to protect your wealth and your loved ones. Trust creation is a smart choice for many people at all income levels because a trust can allow you to protect your assets in important ways. However, there are different kinds of trusts that provide different kinds of protection so it is important to make smart choices about both whether you need a trust as well as what type of trust you should create. … [Read more...] about Five Questions to Help You Determine if Your Assets are at Risk
Rochester asset protection planning is important because you work too hard for your money to see it lost due to bad luck. Unexpected illness, a lawsuit against you or your company, or a need for nursing home care are a few of the many things that could cause the loss of your assets during your lifetime. These are all possible sources of loss that The Law Office of Michael Robinson, P.C. can help you to protect against. Many people are not just concerned with the possibility that they could … [Read more...] about Can You Protect Your Assets if You’re Leaving Money to Irresponsible Heirs?
The term asset protection trust is generally used to describe a type of trust that is created for the purpose of providing protection for money, personal property, and/or real property. A trust of any type is created through the use of a legal document that follows formalities established under state law. The trust becomes the legal owner of property that is transferred into it. That property is managed by a trustee and used to provide for beneficiaries. Ownership and possession is bifurcated, … [Read more...] about What is an Asset Protection Trust?
You need to make certain you choose the right asset protection strategies so you can protect your wealth and your financial security. Unfortunately, your assets are at risk from lots of different potential sources of loss. You work too hard to lose what you have built, so you have to be strategic when finding ways to keep your money and property safe. The Law Office of Michael Robinson, P.C. can help you to identify the asset protection strategies that will work best to achieve your goal of … [Read more...] about How to Choose the Right Asset Protection Strategies