Asset Preservation and Protection
The Asset Preservation and Protection Attorneys at Estate and Elder Law Services Help Maximize the Legacy You Leave
Protecting your estate, home and other property, with a keen eye toward achieving your broader family and inheritance objectives
You and your family work hard to maintain and improve your standard of living through work, savings and investments. Ensuring that your financial assets remain safe and secure, available for yourself and your heirs, is among the most important tasks of your life. Careful planning is key to accomplishing this goal. Not every plan is foolproof, and sometimes risks arise for which preparation is difficult. But you owe it to yourself and those you love, including future generations, to take whatever steps you can to reduce risk and preserve your wealth so it remains available to serve your best interests now and in the future. At Estate & Elder Law Services, we work with clients to establish plans for asset preservation and protection. We understand that an effective plan must address your specific situation, based on the assets you possess, the family dynamic that exists, and your personal and business interests and desires.
Helping you prepare financially for unexpected life events
Life is full of surprises. Many are joyful and welcome. Others are unfortunate and challenging. Among the latter are events that carry significant financial weight. These include lawsuits that threaten you and your financial assets. Unexpected healthcare and medical costs can also arise that pose a substantial financial burden. A thorough review of your insurance policies is a good place to start and can help many people prepare for some of these risks. But insurance is only one option for addressing these issues.
The assistance of an experienced estate planning attorney can be vital in establishing a more detailed plan to effectively prepare for life’s unexpected events. Legal assistance can be crucial in preserving and protecting assets included in your will and intended for your heirs and beneficiaries. Upon death, your estate will be settled, which means that debts of the estate will be paid from the assets in the estate. If legal judgments against you or significant medical costs remain unpaid, the probate court may require your assets, including real estate intended for family members or other beneficiaries, to be sold to settle these debts.
Using an asset protection trust in Delaware to preserve and control your property
Delaware law permits the creation of asset protection trusts that, if properly structured, may shield assets from creditors. The asset protection trust is an irrevocable trust in which title and ownership of assets are transferred to a trustee, but the assets may be used for beneficiaries you name, including yourself. An asset protection trust also allows you to direct investment of the assets and receive income and principal from the trust. An asset protection trust can help you avoid probate with respect to the assets contained therein.
It is one of several options available in broader estate planning efforts for you and your spouse that can include the establishment of additional trusts and wills. Your estate plan should aim to preserve and pass on your property, while reducing estate and gift tax liability and meeting other valuable goals.