A Michigan asset protection lawyer can help you to make a plan to keep money and property safe. There are many possible risks to your assets, and the threats change as your life changes. You need to find out what could put your nest egg at risk and use the right legal tools to protect everything that you have worked for.
Biddinger & Estelle can help. Our legal team knows the ins-and-outs of asset protection and we can guide you through the steps of making a comprehensive plan. Give us a call as soon as possible to learn more about the step-by-step process of securing your wealth during your life and after you have passed away.
Step 1: Identify Risks to Your Wealth
If you want to make a plan to successfully protect your nest egg, the first step involves identifying the kinds of things that put that nest egg at risk. There are certain common causes of lost wealth, such as getting into an accident that you are at fault for or incurring high nursing home costs.
There are also potential causes of lost wealth that may be more likely to affect certain people than others. For example, business owners could be at risk of loss due to their company going bankrupt or being sued. This may not be as big of a concern for a person who works for another company that pays them wages.
By identifying the specific risk factors that you face, both during your lifetime and after your death, you’ll know exactly what you need to do to minimize those risks. A Michigan asset protection lawyer will help you to conduct a detailed risk analysis so you’ll know where the dangers are.
Step 2: Protect Assets from Losses During Your Lifetime
Once you know what your biggest sources of risk are during your lifetime, you can take steps to try to avoid those particular sources of loss. For example, you can incorporate your company if you own a business. If there is a risk of losing wealth due to high nursing home care costs as you age, you can make a Medicaid plan that protects your wealth. If you are worried about who will manage your assets in case of incapacity, you can use tools like a power of attorney and a living trust.
Biddinger & Estelle will not only help you to identify what legal tools you need to use, but will also help to ensure that you use those tools correctly. You’ll need to follow all appropriate formalities for trust creation, for example, and make sure you follow the rules for creating a power of attorney if you want to name an agent to act on your behalf in case of incapacity.
Step 3: Protect Assets from Losses After Your Death
You not only have to worry about losing assets during your lifetime, but you also want to protect your wealth after you pass away.
If you have a larger estate, estate tax may be a concern. There is a possibility your estate could have to pay a substantial amount of money in taxes. You don’t want an inheritance to be lost and less money to go to heirs or beneficiaries because of estate tax. You should explore ways to minimize or avoid these kinds of taxes to protect your wealth when you are gone.
There may also be substantial concerns about what happens to your assets when the money and property have transferred to new owners. If you’re going to leave money to a person who is under the age of 18 or who is disabled, that person may not be legally allowed to manage the inheritance and may not be competent to manage it. If you don’t want the court appointing a guardian for the assets, you’ll need to look into tools like trusts. Trusts can also help to ensure you do not cause a loss of access to means-tested benefits like Medicaid if you pass away and leave an inheritance to someone who is disabled.
Other issues could also arise with heirs or beneficiaries, such as if you want to leave money to someone who you think is financially irresponsible. Trusts can also be useful in these situations as well.
Getting Help from A Michigan Asset Protection Lawyer
A Michigan asset protection lawyer at Biddinger & Estelle can work with you to make a personalized plan that minimizes the particular risks to your wealth that arise due to your personal and financial situation.
Our legal team knows how hard you work to grow your wealth and we can help you to keep your assets safe at all phases of life. To find out more about how a Michigan asset protection lawyer can help you keep your money and property secure, join us for an estate planning seminar. You can also call us today at (989) 872-5601 or contact us online for personalized information on how we can help you.