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Ask yourself this key question: Does this action help you protect your assets?
Why? You have worked hard for your wealth. When considering how to leave wealth to others and how to use wealth in a long-term care situation, there are opportunities to:
Risks to inherited wealth include taxes, a future divorce of a beneficiary, business failure, negative influences in a beneficiaries’ life, healthcare costs, lack of financial maturity, and lack of knowledge. Using trusts, our estate planning asset protection attorneys will create an estate plan that will maximize the inheritance you leave to your beneficiaries and minimize its disappearance.
Asset Protection Planning is sometimes synonymous with Elder Law. Elder Law is helping you devise a plan to protect your assets from the catastrophic cost of long-term care. Elder law planning moves beyond estate planning documents into Life Care Planning – the support families need with aging issues. We identify the game plan we devise for you after our initial consultation an “Asset Protection Plan” because that speaks to the purpose of why you have sought our professional advice and counsel.
We empower families to leave assets to disabled beneficiaries so they are not deemed “Countable Assets” in determining whether the disabled individual qualifies for government benefits. Our services for asset protection planning in NJ provide a safety net for the disabled beneficiary by setting aside additional resources to supplement what government resources will pay for.
Asset Protection Planning can also include protecting your wealth from your unknown future creditors. This can be accomplished through Domestic Asset Protection Trusts in certain other states.
Many families have limited experience working with estate planning asset protection attorneys. Learn more about Who We Are and What We Do.
Porzio’s Wealth Preservation attorneys serve New Jersey families with offices in Morristown NJ, Princeton NJ, and New York City. We provide legal counsel on Estate Planning, Elder Law, Asset Protection Planning, Special Needs Planning, Wills and Trusts, Powers of Attorney, Health Care Powers, Living Wills, Probate, Estate Administration, Estate and Trust Litigation, Guardianship, and Tax Planning to families in Bergen County, Essex County, Hudson County, Hunterdon County, Mercer County, Middlesex County, Monmouth County, Passaic County, Somerset County, Sussex County, Union County and Warren County.
