An asset protection plan provides assurance that your financial achievements are protected and preserved for your heirs and beneficiaries. Without proper asset protection planning, you risk exposing your accumulated wealth to judgment of the creditors of your estate and of your beneficiaries. The estate planning attorneys at MendenFreiman are skilled at developing asset protection strategies that will maximize your ability to protect your legacy against unexpected events and unforeseen changes in the lives of your beneficiaries.
Strategies that are often used for asset protection include:
Family Limited Partnership (FLP) – A Family Limited Partnership or an LLC can put your assets in a liability-protected entity that enhances your ability to ensure that your legacy is preserved for generations.
Irrevocable Life Insurance Trust (ILIT) – An Irrevocable Life Insurance Trust allows you to take the value of life insurance proceeds out of your estate and thus reduce your estate’s assets.
Dynasty Trust – For those who have accumulated a significant amount of wealth, a Dynasty Trust is way to control your assets long after your death and help your descendants avoid paying estate taxes.
A complete asset protection plan will also consider business assets, business succession, creative real estate strategies and other techniques suggested by the assets and situation. Our estate planning lawyers will help craft a plan that will allow you to pass on as many of your hard-earned assets as possible.