Helping Your Family Protect Valuable Assets
Asset protection one of the many goals of estate planning. Wills and trusts are not only aimed at minimizing or eliminating estate taxes but effective estate planning may also help protect assets from creditors after death.
Talk to a knowledgeable estate planning lawyer about the best ways to protect your monetary, real estate and other property interests in the event of an untimely death. You might be protecting your family from unexpected personal injury claims that could result from a car accident that would take your life, for example.
Brown Borkowski & Morrow is a well-established, well-trusted Detroit-area law firm ready to advise and assist you in all your asset protection concerns.
- Should you form a family trust?
- If you invest in real estate, how can equity in that real estate be best protected for your intended beneficiaries?
- Will formation of a limited liability company enable your family to protect assets from potential creditors?
- What about business partners who might seek to take assets from your family to settle some obligation?
Certain high-risk professions, such as the practice of medicine, leave families vulnerable to possible loss of assets in the event of a medical malpractice lawsuit, for example. Irrevocable trusts allow an individual or couple to shield assets from this type of potential claim to family resources, whether before or after death.
In-Depth : Estate Planning Blogs.
High-asset individuals understand this truth about money and vulnerability: The more money you have, the more likely you are to be sued. Your family’s resources may be targeted by people who know that you are collectible. You have taken risks to get where you are today. Do not take unnecessary risks with assets that your family would depend on in the event of a fatal accident or illness.