If you wish to leave your estate to your heirs upon your passing, you will need to take the necessary measures to ensure that your assets are protected. Unfortunately, a single accident, lawsuit, or financial misstep could make it difficult to do so, which is why you may require professional help to achieve the best protection possible.

An asset protection plan can limit the impact that unforeseen events could have on the financial futures of you and your family. In the event that these catastrophes occur, a comprehensive plan could limit the damages.

A Manalapan Township asset protection lawyer could identify your needs, suggest possible protection plans, craft documents that provide the necessary protection, and submit them to the required courts and agencies.

Estate Planning is a Key Part of Asset Protection

The most traditional form of estate planning, a will, can ensure the successful transfer of property and lessen the impact of the probate process. However, other options exist that could help relieve tax burdens and the cost of probate.

A popular option for transferring property is by creating a trust. A trust can transfer property to another party at any time. While that property remains in trust, it is not vulnerable to assessment for taxation and seizure by the government or creditors.

To create a trust, New Jersey Revised Statute § 3B:31-19 states that the parties must merely have intent, nominate a beneficiary, name a trustee, and place specific assets under the control of the trust. A Manalapan Township asset protection attorney could craft an estate plan that protects a family’s property after a death.

Asset Protection can Play a Key Role in Guarding Against Catastrophe

A single unfortunate event could have the potential to bring economic devastation. All of an individual’s assets are vulnerable to seizure or liquidation because of lawsuits or tax controversies. It is possible to shield a person’s assets from a loss that might occur from these events, but it is essential to have these plans in place before these events take place.

At the most basic level, obtaining an insurance policy that provides coverage in the dollar amount of a person’s assets can be a solid first step. A common example is a car insurance policy that raises the maximum dollar value that it will pay in situations where a driver is at fault.

Additionally, a trust can be a useful tool to take assets out of a person’s control. Immediately upon the creation of a trust, those items become the property of the trust. This property is immune from taxation or court seizure.

Finally, a Manalapan Township attorney could help an individual separate their personal assets from business assets. Creating a corporate structure can help keep a business’ debts separate from those of an owner. This could protect a person’s individual assets from seizure if the company faces legal trouble.

Reach out to a Manalapan Township Asset Protection Lawyer Today

Asset protection plans can provide a shield against catastrophe. Creating a proper corporate structure, placing property in trust, and having adequate insurance protection could all protect assets in case of accidents, lawsuits or an unexpected death. Having a valid and accurate plan can help you secure your family’s future, and a Manalapan Township asset protection lawyer is ready to help. Contact us today to explore your options.