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Asset protection is always the goal of an estate plan. These plans can play a vital role in the moving of assets from one party to another after your death or at any point in the future. In addition, taking proper precautions can also help to shield these assets from potential legal liability or taxation.
Every adult needs to take proper stock of their assets and consider how best to protect them. This can include forming testamentary documents such as wills and exploring other options like trusts and business succession plans that have a more immediate impact. Our Fort Lauderdale asset protection lawyer, can help you locate your assets and assess their vulnerability. Our driven estate planning attorney can then craft plans that aim to help those assets retain their maximum value.
While you may imagine estate planning as determining what happens to assets after your death, comprehensive strategies can also help maintain the value of your property in the present and near future. Working with driven Fort Lauderdale attorney to evaluate your assets and determine their vulnerability to threats is vital to ensuring that property retains its value in the future.
This can include determining if the purchase of additional insurance is required, calculating your personal liability for business losses, or shielding assets from potential loss due to lawsuits.
One popular option for protecting assets in the short term is creating a trust. A trust serves to move property from one party to another. Another benefit is that the property is no longer an asset of the trust creator. This means that neither a court nor a taxing entity can seize those items to pay debts or judgments. An attorney could help you create these documents in ways that satisfy the legal requirements listed in Florida Statute § 736.0401.
A key part of asset protection involves ensuring that those items retain their value after you pass away. Much like in short-term protection, a trust can serve to keep assets in the hands of a trustee who will then distribute those items after your passing. However, a competent lawyer could explain the other options available to help you retain control over your assets.
The central portion of any estate plan should be a comprehensive will. A will serves to inform a probate court of your wishes for your assets after you pass away. If a will is not present, the court will use the state’s intestacy laws to distribute property. This could result in a forced sale of those items that bring an inherent reduction in value.
Similar concepts apply to the protection of business assets. Having a thorough business succession plan in place can inform courts about how you want your assets to move to other parties after your death. These same plans can also provide a structure for a scheduled retirement or a shield against an unexpected injury or illness.
Protecting your assets is always the primary goal in the creation of an estate plan. While a traditional will still plays a vital role in this process, the fact is that more modern and flexible options can result in greater benefits in both the long and short term.
Our Fort Lauderdale asset protection lawyers are here to help guide you through the process. He can take the lead to identify your assets and potential liability. He then may recommend the creation of various testamentary documents and other precautions that you can take to help your assets retain their value. Reach out to All Florida Real Estate Lawyers now to schedule a consultation.
