An asset protection lawyer provides assistance to those who want to protect their wealth. There are many different risks that could put your financial security in jeopardy and you need to make smart choices about what to do to protect your assets. You can face potential losses at all stages of building wealth, so asset protection should be something that you think about throughout your life. The Law Offices of James A. Miller, P.C. can help you to make sure your assets are as safe as possible.
The asset protection process involves making smart use of legal tools to keep your wealth safe. The Law Offices of James A. Miller, P.C. can provide personalized help based on your specific situation so you can protect against the biggest risks that you face. Give us a call to find out more.
Tools an Asset Protection Lawyer Helps With
An asset protection lawyer can provide help using all different kinds of asset protection tools including:
- Trusts: Trust can protect your wealth both during your lifetime and after death. Trusts keep money safe in case you need to pay for nursing home care; in case you need someone to manage your assets in the event of incapacity; in case you have irresponsible heirs; from estate tax and in many other situations. Trusts work by bifurcating ownership and possession so the trust owns assets and a responsible trustee can manage wealth.
- Powers of attorney: A power of attorney is a powerful asset protection tool that allows you to determine who is going to manage money and property if you cannot. With a power of attorney, you select a responsible person who you trust who can immediately take over asset management if something happens to you.
- Incorporation: Incorporation is a very important tool for asset protection if you have a business. If you do not incorporate, all of your personal assets are in jeopardy if something goes wrong with your company and your business is sued or goes into debt.
- Insurance policies: Buying insurance helps you and your family in case of lawsuits against you. Auto insurance and homeowners’ or renters’ insurance are two insurance policies that could keep your personal assets safe if you are accused of causing harm.
- IRAs and other protected investment accounts: Individual retirement accounts are provided with certain protections under the law that other kinds of investment accounts don’t have. One example is that these accounts are safe from being lost in case you end up having to declare bankruptcy.
Making effective use of these legal tools can help you to avoid financial loss that could jeopardize your family security or your ability to leave a legacy for loved ones. The asset protection tools you should use are going to vary depending upon what specific risks put you in the greatest jeopardy of losing your hard-earned assets.
When to Talk with an Asset Protection Lawyer
You should talk with an asset protection lawyer as soon as you begin to acquire wealth, so you can structure the ownership of your assets appropriately. If you are entering into more risky endeavors, like opening your own business, you should also strongly consider seeking appropriate legal help.
Getting asset protection advice is important because there are always ongoing risks throughout your life, and you want to be able to identify what the possible sources of loss are so you can minimize and mitigate the chances of losing your money and property. You work too hard to face losses that jeopardize your financial security.
As you get older, and the chances that you will need nursing home or costly medical care rise, asset protection becomes more important than ever. Seniors also face a substantial risk of losing their wealth due to mismanagement when incapacity happens. You need to work with an experienced attorney to create trusts and other asset protection tools that can keep your money and property safe and secure.
Getting Help from An Asset Protection Lawyer
The Law Offices of James A. Miller, P.C. can offer you comprehensive advice on all of your asset protection needs. Our legal team can also help you to build and secure your wealth in other important ways, including making certain that you have an incapacity plan, retirement plan, and legacy plan. To find out more about the asset protection process, join us for a free seminar. You can also give us a call at 866-370-3888 or contact us online to get personalized advice from a Worcester asset protection lawyer.
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