Richmond Asset Protection Attorney
Our Richmond asset protection attorneys can help create an estate plan that shields your hard-earned assets from taxation, lawsuits, creditors, and parties seeking to disrupt your wishes regarding inheritance. Depending on your goals, we can help you create various trusts to protect your property from creditors, or guide you in the right direction if filing for bankruptcy is the better option if your assets are low and your debt is insurmountable. We assist high net worth clients who are planning for the future or for their children’s future, as well as individuals who are between a rock and a hard place, wondering how they will possibly afford long term care, or are worried that family disputes will arise regarding inheritance.
Prenuptial or Postnuptial Agreements
A prenuptial or postnuptial is one of the first lines of defense when it comes to asset protection. A prenuptial or postnuptial document can be used to separate each spouse’s finances, ensure that the children from a previous marriage are taken care of financially, protect a small business in the event of a divorce, or to shield one spouse from the other’s debt.
Long Term Care Insurance
Purchasing long term care insurance (to be used for a nursing home stay or assisted/independent living facility) is a smart option for those who are young enough and healthy enough, but is only a viable option if purchased early on.
Family Limited Partnerships
A Family Limited Partnership (FLP) can be used to gift assets to the next generation, while also excluding any future returns from the estate taxes. As such, FLPs are a great tool to include in a large estate to avoid federal estate taxes.
Revocable Trust vs. an Irrevocable Trust
A revocable trust is a trust that the grantor can modify during his or her lifetime, and is often used to avoid probate, where inheritance disputes may arise, or to distribute assets in a specific manner, such as creating a college trust for a grandchild. An irrevocable trust is a trust that cannot be modified by the grantor. Once the assets are placed in the irrevocable trust, they no longer belong to that grantor, therefore shielding them from creditors and from potential lawsuits, which may be a good method of securing these funds as America is becoming an increasingly litigious country. According to the U.S. Courts, there were 279,036 civil cases filed in district courts in 2015.
Other Types of Trusts Used in Asset Protection
- Long Term Care Trusts (Medicaid Trusts);
- Special Needs Trusts;
- Generation Skipping Trusts; and
- Charitable Trusts.
Call a Richmond Asset Protection Attorney
According to the American Bar Association, an asset protection attorney needs to be familiar with bankruptcy law, creditor/debtor law, taxation and business entities, and more. Here at MichieHamlett, our Richmond asset protection attorneys have the experience, credentials, and knowledge needed to ensure that your assets are shielded properly when it comes to creditors, taxation, and more. Call today or fill out our online form to schedule your free consultation.