The true goal of effective estate planning is protecting your assets and financial well-being. Not only can estate plans determine where your assets go after death, but they can also serve to distribute property before this time and even result in financial benefits.
Every adult should have an asset protection plan to provide peace of mind now and ensure that assets are transferred properly in the future. A Moorestown asset protection lawyer could help guide you through this process. A knowledgeable estate planning attorney could identify your needs, take stock of your property, and form plans that protect your estate and serve your needs.
Identifying Assets That Need Protection
The first step to protecting assets is identifying them. For most people, relevant assets typically include physical property, cash assets, and real estate. However, personal property may also include pensions, life insurance benefits, and business assets. A seasoned attorney could work with individuals in Moorestown to help take stock of all their assets and craft a plan to protect them.
When most people imagine the concept of asset protection, they are contemplating what will happen upon their death. The traditional concept of estate planning involves determining what happens to a person’s assets when they die, including who inherits what property. However, people may seek to protect their assets now for a variety of reasons. Business owners may believe their personal assets are vulnerable. Spouses may be weary of substantial losses through a divorce. Even people facing a lawsuit could benefit from protecting their assets through an effective estate plan.
Benefits of Wills and Trusts
Effective asset protection often includes a variety of estate planning documents. At the most basic level, a will is a document that determines what happens to one’s assets after death. Wills are still a vital part of any asset protection plan. However, depending on current goals and circumstances, more flexible options may also be available.
For instance, trusts are an estate planning option that could bring immediate financial benefits. Placing property in a trust can limit a person’s tax liability and allow for a tax-free transfer to another party. Creative trust creation could also help to increase the chances of obtaining eligibility for government benefits such as Medicaid in the future. An asset protection lawyer could help individuals in Moorestown understand the benefits of different options and use trusts or wills to craft the right plan for a person’s needs.
A Moorestown Asset Protection Attorney Could Help Secure Your Estate
A comprehensive estate plan must include ways to protect all your assets. This protection is important not just for the present but also for the future. A combination of wills, trusts, and other testamentary documents could help people ensure their wishes are enforced upon their death. At the same time, many of these documents could shield assets in the present from potential liability.
Reach out to an experienced Moorestown asset protection lawyer today. A local attorney is ready to listen to your concerns and formulate an effective estate plan that could provide protection and peace of mind for years to come. Schedule a consultation today to get started.