While most people are familiar with common asset protection practices like insurance, there are many ways to make sure that you maintain control of what you have worked so hard for. Whether you are planning ahead for long-term care or you want to make sure you are safe from certain kinds of lawsuits, a proper asset protection plan will enable you to decide where you want your assets to go.
If you live in Syracuse or Watertown, Safe Harbor Wills & Trusts is here to help you. Our law firm is dedicated to helping people protect their assets, as well as handling elder law and probate cases. Contact us today to schedule an appointment, or read on to learn about some of the important factors that are necessary for a great asset protection plan.
Planning ahead is vital to being able to put together an asset protection plan that is efficient and effective. Our attorney will work with you to see what you have, what sort of potential liabilities you may face, how you want to be able to manage your money during your life, and how you would like your assets distributed after you pass away. While it might seem strange to think about all of these at once, the truth is that there is no single document or strategy that will cover all of the bases. In order for asset protection to be effective, it requires a multi-pronged approach.
A Customized Approach
Any attorney can probably guide you through a basic asset protection plan, but in order to create a strategy that does the most for you, you need an asset protection attorney. The field is so specialized and complex that when you choose to work with a general practice attorney, it is unlikely that they are as up-to-date on the newest changes to the laws surrounding asset protection. Because effective asset protection will look different for everyone, understanding the ins-and-outs of all available options is incredibly important.
There are many options to be explored when we begin this process, including:
- Creating a will. A will is an important document for everyone to have. It can help one’s assets be distributed more quickly by reducing the amount of time spent in probate.
- Creating a trust. While trusts aren’t right for everyone, if you have a significant amount of assets, you would like to avoid probate, or you would like to provide for your children, a trust may be helpful.
- There are several different kinds of trusts with their own financial and legal advantages and disadvantages. At Safe Harbor, we will examine what you have, what you would like to do in the future, and find a trust (or trusts) that protect your personal and business assets.
Contact us today if you are ready to start setting an asset protection plan into motion or if you would like to have your current strategy examined. We have offices conveniently located in Watertown and Syracuse, so call whichever one is closest to you for an appointment. When you choose Safe Harbor Wills & Trusts, you will benefit from our years of experience in the field. We will do everything possible to build a plan that works for you.