If you have assets that you want to leave behind for your loved ones, you need to be sure that your estate is properly protected from creditors and others who would try to take a piece of it. This is a difficult thing to accomplish on your own, but a Rockland County estate planning attorney from our firm can help.
When Do I Need to Protect My Estate From Creditors?
When you have a significant amount of assets, you can end up facing dishonest people and unjustified claims on your wealth. This is money that you would like to pass down to your children, grandchildren, and other loved ones. It should not be vulnerable to unjustified claims and litigants who have no business going after your assets. Some estate planning tools can offer you extra protection against such things, and you should take full advantage of them.
Should I Use a Domestic or Off-Shore Trust?
One option is a trust, but how do you decide which will work best for you? There are some domestic trust options that can offer layers of protection, especially if the trust is irrevocable. This means that you are not in control of the trust and that its terms cannot be changed. You instead have money distributed to you through the trust according to rules you have set or at the discretion of a trustee, a person you have chosen to manage the trust.
An off-shore trust is another potential option. Many of these are based in countries that do not simply follow any court order that is made in the United States. This makes it harder for frivolous lawsuits to get to your assets. These kinds of trusts require upkeep and a bit of work to stay compliant though, so it’s probably something that you’ll want a lawyer’s assistance with.
Can an Estate Planning Lawyer Help Me Ward Off Creditors?
Your estate planning lawyer can help you set up trusts or explore other ways of protecting what you have. Maybe a limited liability company is a better way for you to protect assets. You could transfer what you have to the LLC, then distribute “shares” to your loved ones and even yourself. A family limited partnership works in a similar manner.
Every estate is different, so we won’t give you a one-size-fits-all solution. Our attorneys will take the time to really understand your needs and figure out the best way to help you protect yourself and your assets from creditors and anyone else.
Schedule Your Consultation Today
When you are serious about protecting your estate, you need an experienced attorney on your side. Contact the Lauterbach Law Firm and ask to schedule an appointment with our team. We can tell you more about what an estate planning lawyer can do to assist you.
