The world of asset protection and estate planning can seem like a daunting one. There are so many ways to handle your assets that finding the strategy that works best for you can almost feel impossible. It is for these reasons that we recommend hiring an attorney who specializes in this field. As with anything else, specialization and experience means that you will benefit in ways that you wouldn’t if you choose to go it alone or you work with a general-practice attorney.
At Safe Harbor Wills & Trusts, conveniently located in Syracuse and Watertown, our attorney has long focused on the best ways to protect the assets of his clients. Because our practice is dedicated to these areas, you reap the rewards of an attorney who is well-versed on the newest developments within this area of practice.
In this blog, we will give you two simple reasons why protecting your assets and planning your estate are so important. We hope that this information will impress upon you just how vital it is to work with an attorney who knows how best to navigate the system in order to provide you with the best results possible. Please contact us today to schedule a time where you can have your questions answered. We will find the most effective means of protecting what you have worked so hard for by creating an individualized plan.
Protect What You Have Worked For
When people hear the phrase “asset protection,” it tends to give them a bad taste in their mouths, as if protecting what one has earned is somehow dishonest or shady. Nothing could be farther from the truth. In reality, asset protection is about determining and implementing the most effective legal safeguards to secure what you have earned.
Asset protection is especially important for business owners. By properly shielding your assets, you make it impossible for opportunistic people from taking advantage of you by making claims against what you own. Business owners are generally more likely to face claims from creditors and other sources because they deal with more risk day to day. Everything from hiring new employees to investments can be potential sources of peril to a business owner because they each create new avenues of potential liabilities.
In order to avoid losing everything that is in your name, you need to protect yourself through legal means. The way your business is structured (LLC, etc.), as well as where your assets are located (trusts), are important factors to take into consideration when you start a new company. A knowledgeable attorney can help guide you along the path that keeps you as safe as possible by helping to minimize your liability and the amount of money that creditors have the ability to make claims against. By setting up your business properly from the start or by restructuring, you can avoid any charges of fraud or illegal activity.
Leave Something for Your Loved Ones
Planning ahead might not seem like the most appealing way to spend your time, but if you are concerned about the way that your assets will be handled when you pass, it is absolutely necessary to make sure that your wishes are followed to the letter. By drafting a will, you set out the conditions for the distribution of your assets, as well as specifying who will take care of your minor children in the event of your untimely death. A will can help prevent fighting amongst your heirs while also preventing them from spending money and time going through probate.
You have several options in addition to a will that can help your assets go the people and institutions that you want. We can set up a trust in order to limit your liabilities and to prevent your accumulated wealth from being drained by creditors or nursing homes.
If you are confused about what you need to do in order to properly protect your assets both during and after your life, contact Safe Harbor Wills & Trusts. We are a law firm dedicated to providing our clients with advice based on years of experience. If you have been thinking about asset protection or estate planning, please contact us. It is never too early to start taking steps to ensure that your money stays where you want it. We have offices in Syracuse and Watertown, and we are ready to help.