Protecting And Shielding Your Assets
For many people, asset protection is a critical component of the estate planning process. An estate planning attorney can help you shield your assets from potential lawsuits, judgments, garnishments or other hazards. Moreover, asset protection strategies can be valuable for blended families, protecting the rights of children from a previous marriage and clarifying each potential beneficiary’s rights. At The Law Office of Nicole C. Morris, P.A., our lawyer implements asset protection strategies for a diverse clientele. Based in West Palm Beach, we serve clients across South Florida and beyond.
Using Irrevocable Trusts And Other Estate Planning Tools To Further Our Clients’ Goals
An irrevocable trust can be a key asset protection device. An irrevocable trust, as its name implies, cannot be revoked or modified absent significant measures being taken such as obtaining unanimous beneficiary consent or court approval. Because the grantor of the trust no longer owns any of the assets contained in the trust, the irrevocable trust will serve as a protective vehicle for assets and may secure them against creditor issues. Moreover, an irrevocable trust may preserve a beneficiary’s ability to qualify for various governmental benefits such as Medicaid. We will discuss the nature of your assets and help you determine whether an irrevocable trust suits your needs.
Our law firm has a vast array of potential tools at our disposal, including family limited partnerships (FLPs) and offshore planning, to maximize our clients’ abilities to protect their assets. In many instances we will utilize compound strategies in order to provide maximum protection. We will work closely with you in order to create an asset protection strategy that is customized precisely to your needs.