You spent years building your wealth and now is the time to take proactive steps to safeguard it for you and future generations. With asset protection strategies, you can protect your legacy from creditors and unexpected life events, such as divorce, court judgments, nursing home costs, and tax liabilities. Navigating the complexities of asset protection with estate planning is an effective way to secure your wealth and give you peace of mind in uncertain times.
At Legacy Law Associates, we strive to preserve and protect your assets, customizing a plan that reflects your family’s values and goals. With a strong commitment to excellence, our experienced estate planning attorneys use tools such as wills and trusts, powers of attorney, beneficiary designations, and strategies to minimize taxes. In some cases, it may be wise to form a limited liability company or a family limited partnership to protect family businesses or investment properties. We always think outside the box, using innovative solutions to solve every concern.
Estate Planning Tools:
Wills
A will is the most basic estate planning document and has significance for the future of your dependents, including minor children and disabled adults. You can name a trusted guardian to care for them if you become incapacitated or upon your death. A will is a legal document in a probate proceeding that details how you want your property and assets to be distributed. Without a will, your assets are distributed following Florida’s intestacy laws and not your wishes.
Trusts
A trust, known as a living trust, is frequently utilized in estate planning. It allows your funded trust assets to be passed on to your beneficiaries without probate and immediately after death, or if you choose, distributions can be made over time. A trust ensures privacy, unlike a probate proceeding, which is a public record.
There are Two Basic Categories of Trusts
- A revocable trust affords you the ability to retain control of your assets, and it can be revised or dissolved at any time during your lifetime. An irrevocable trust is a permanent transfer of your assets and cannot be altered once executed. Irrevocable trusts are often set up to minimize estate taxes and qualify for government benefits, including Medicaid. Additionally, irrevocable trusts protect your assets from creditors unless you have set up the trust intending to defraud.
- There are many different revocable and irrevocable trusts to consider, each with specific benefits depending on an individual’s needs. Examples are testamentary trusts, special needs trusts, charitable trusts, spendthrift trusts, asset protection trusts, generation-skipping trusts, life insurance trusts, and Totten trusts.
Beneficiary Designations
POD (payable on death) and TOD (transfer on death) accounts are similar to trusts as these accounts bypass probate. Your named beneficiaries have access to these funds immediately after your death. A POD designation can be added to a bank account, such as a savings, checking, or a certificate of deposit. A TOD can be applied to an investment account such as a retirement account, brokerage, or other accounts holding securities. Beneficiary designations are initiated at your financial institutions and are a quick and simple process.
Legacy Law Associates: Trustworthy Council for Legacy Planning
Estate planning is a thoughtful and everlasting gift to your family. At Legacy Law Associates, we are dedicated to protecting your wealth and securing your future. We understand that estate planning is a sensitive matter, so we approach every detail with care and compassion. Our attorneys take the time to listen, as we want to know you and your family so that we can serve you best.
Contact Legacy Law Associates at (386) 252-2531 to schedule a confidential appointment at our Daytona Beach, Florida, office. Estate planning may seem daunting and complex, but it is manageable and stress-free with our guidance.
