Probate Attorney in Indio Explains How to Protect Your Asset

Posted by madduxlaw on March 28th, 2018

Perhaps, the main focus of your estate plan is how your assets should be passed down to close ones after your death; your plan also needs to help grow and protect those assets during your lifetime. In fact, asset protection should be one of the essential elements of your estate plan. Remember, failing to defend your estate could mean you have nothing left to distribute when you passed away. In order to help you get started, Probate Attorney in Indio is providing asset protection planning for the beginners:

Before we start discussing asset protection planning and strategies, it is vital to highlight some factors which may lessen the value of your estate:

  • Divorce
  • Spouse's debts or liabilities
  • Business liabilities
  • Long-term care (LTC)
  • Beneficiaries

All these things may seriously diminish the value of your assets if you do not make significant efforts to protect them.

Asset Protection Strategies

You must add asset protection tools and strategies to your general estate plan. In most cases, your probate attorney can help you determine which approaches are suitable for your plan. However, some common strategies include:

  • Medicaid Planning

Long-term care expenses can be managed with proper Medicaid planning. A well-structured Medicaid plan will help you cover LTC expenses; however, you need to first qualify for the profits. In order to do the same, you must keep non-exempt assets to a minimum. By creating a Medicaid trust, you can make yourself qualify for Medicaid benefits.

  • Pre-marital Agreement

Executing a pre-marital agreement explains that who will own your assets in the event of a divorce without considering the state’s marital property laws.

  • Trusts

A Trust may help you in different ways. An irrevocable living trust can protect your assets and put them out of reach of creditors by taking legal ownership of the estate. Moreover, it protects your assets from spendthrift beneficiaries while controlling assets spent.

  • Business Succession Planning

You also need to protect your business interest and how the value of your interest will be sold or transferred in the event of your death. Proper business planning will dramatically lessen the risk of personal liability for business debts.

If you want to know more about asset protection strategies, visit Law office of Michael C. Maddux. They are known for providing the most reliable advice about estate planning, living wills, and real estate litigation in San Bernardino.

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