Tampa Asset Protection Attorney
Protecting What You Worked For So Long To Earn
Protecting Yourself From Potential Creditors
Revocable living trusts help you protect your heirs from extra taxes and avoid the hassle and costs of probate court. However, unless you have robust asset protection in place, you are still vulnerable to potential creditors. Whether it’s an LLC to guard you against liabilities from your rental properties or an offshore trust to protect your cash and investments from creditors, Florida Estate Law can help.
What Does The Asset Protection Process Involve?
Estate planning often must involve more than a simple will. You might want to consider adding health care directives and powers of attorney, financial powers of attorney documents, and trusts to your estate planning portfolio. If you only have a will, for instance, your estate will likely need to go through probate court. It’s expensive, lengthy, and a hassle, especially if some of your heirs live out of town. A well-drafted trust can help you transfer your assets to your heirs outside of the probate process, saving your heirs time and money at a time when they need to concentrate on the grieving process. Similarly, a health care directive can provide your healthcare power of attorney with your exact wishes should you not be able to communicate them yourself. Having that instrument in place gives your family peace of mind, knowing that they are carrying out your wishes.
What Benefits Does Asset Protection Provide?
Your real estate properties, business interests, and financial accounts number among your most precious possessions. Outright ownership or putting those assets into a revocable living trust won’t protect them from your creditors. When you transfer your assets into a well-structured LLC, irrevocable trust, offshore trust, or partnership, it’s like putting a shield of invisibility around your assets. Our estate lawyer can help you maintain control, access, and full use of those assets without exposing them to the risk of seizure by your creditors. Additionally, asset protection can also help you minimize both estate and income taxes. Get in touch with our experienced asset protection attorney today.