Asset Protection Strategies That Work
Whether you are making a will to protect your beneficiaries from unnecessary probate expenses and delays; creating a living will to preserve your right to make health care decisions should you be rendered permanently unconscious or terminally ill and unable to communicate; or using trusts to shield assets from taxes — estate planning is all about asset protection in some way, shape, or form.
At Dugalic & Landau, PC, we offer individualized asset protection strategies designed to help you preserve and maximize the value of your estate by creating barriers that protect your wealth from outside threats. To accomplish that goal, our lawyers engage in both on-shore domestic planning and offshore planning internationally, and use various legal structures, estate planning tools and other appropriate means — all of which will be dictated by your individual needs and goals.
Quality legal work, dedication and excellent client service have helped us to establish ourselves as one of the premier estate planning law firms in eastern Pennsylvania and southern New Jersey. To discuss your particular needs or concerns — contact our firm and schedule a free consultation with attorney Mark A. Landau or Vanya Dugalic today.
Asset Protection Basics
Generally, asset protection is accomplished primarily through the use of trust entities, gifting, and both on-shore and offshore business entities, including family limited partnerships (FLPs) or limited liability companies (LLCs). For asset protection purposes (and wealth transfer planning as well), these tools are most often used with an eye toward minimizing tax liabilities, avoiding probate and shielding personal assets from civil liability. There are, however, other goals that asset protection strategies can be used to accomplish.
For instance, suppose you would rather not have a son-in-law benefit from your estate in any way. The problem is that providing for your daughter in a will may do just that. The solution here is to create a trust that is explicitly set up for the benefit of your daughter only. A similar type of trust can be established for the son or daughter who is struggling with substance abuse or gambling problems. Trust funds like these can be distributed only with the approval of the trustee you designate, something that essentially ensures what you have worked so hard to acquire will not be wasted.
We offer free initial consultations, speak Serbian, Croatian, Russian and French and maintain Philadelphia area offices in Upper Darby and Conshohocken, as well as a Mount Laurel, New Jersey, office. Schedule a free consultation today by calling us locally at 610-624-4634, toll free at 1-888-309-6712, or by sending us a brief e-mail message.
